| Term |
Definition |
| “AML/CFT” |
has the meaning ascribed to it in the Regulations. |
| “Anonymity-Enhanced Cryptocurrencies” |
has the meaning ascribed to it in the Regulations. |
| “Anonymity-Enhanced Transactions” |
means Virtual Asset transactions denominated in Virtual Assets which are not Anonymity-Enhanced Cryptocurrencies, but which prevent the tracing of transactions. |
| “Broker-Dealer Services” |
has the meaning ascribed to it in Schedule 1 of the Regulations. |
| “Directive” |
has the meaning ascribed to it in the Regulations. |
| “Distributed Ledger Technology” or “DLT” |
has the meaning ascribed to the term “Distributed Ledger Technology” in the Dubai VA Law. |
| “Dubai VA Law” |
means Law No. [4] of 2022 Regulating Virtual Assets in the Emirate of Dubai, as may be amended from time to time. |
| “Emirate” |
means all zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding the Dubai International Financial Centre. |
| “Exempt Entities” |
means—
| [a] |
UAE Government Entities; and |
| [b] |
all public, non-profit, not-for-profit and charitable Entities of an UAE Government Entity. |
|
| “FATCA” |
means the United States Foreign Account Tax Compliance Act. |
| “Federal AML-CFT Laws” |
has the meaning ascribed to it in the Regulations. |
| “Free & Non-Transferable Virtual Asset” |
|
means a Virtual Asset that—
|
| [a] |
is offered for free; and |
| [b] |
cannot be transferred between VA Wallets. |
|
For the purpose of [a] above, a Virtual Asset shall not be considered to be offered for free where any requirement or obligation is, or is intended to be, placed on the receiver as a condition of, or in exchange for, receiving the Virtual Asset, including but not limited to providing Personal Data or mandatory future purchases, or where the Issuer receives any third-party fees, commissions, monetary benefits or non-monetary benefits [including value in kind or other commercial benefits] in exchange for the Virtual Asset.
|
|
| “Insolvency Proceedings” |
has the meaning ascribed to it in the Regulations. |
| “Insolvent” |
has the meaning ascribed to it in the Regulations. |
| “Issuer” |
means the Entity responsible for the issuance of a Virtual Asset. |
| “Licence” |
has the meaning ascribed to it in the Regulations. |
| “Licensed” |
means having a valid Licence. |
| “Licensed Broker-Dealer” |
has the meaning ascribed to it in Rule IV.A.2 of this VA Issuance Rulebook. |
| “Marketing” |
has the meaning ascribed to it in the Marketing Regulations. |
| “Marketing Regulations” |
has the meaning ascribed to it in Rule IV.D.1 in this VA Issuance Rulebook. |
| “Non-Redeemable & Non-Transferable Virtual Asset” |
|
means a Virtual Asset that—
|
| [a] |
may only be used solely within platforms operated by the Issuer; |
| [b] |
is not redeemable or exchangeable for real-world goods, services, discounts, purchases or otherwise have no market, use, or application outside of the platforms; |
| [c] |
cannot be converted into, exchanged or redeemed for, fiat currency, value in kind or other Virtual Assets; |
| [d] |
cannot be transferred between VA Wallets; and |
| [e] |
is not sold by the Issuer for fiat currency, Virtual Assets or any value in kind. |
|
| “PDPL” |
means the Federal Decree-Law No. [45] of 2021 on the Protection of Personal Data. |
| “Personal Data” |
has the meaning ascribed to it in the PDPL. |
| “Permitted VAs” |
has the meaning ascribed to it in Rule I.C.1 of this VA Issuance Rulebook. |
| “Redeemable Closed-Loop & Non-Transferable Virtual Asset” |
|
means a Virtual Asset that can be redeemed or exchanged for goods, services, discounts, or purchases with the Issuer and/or other merchants designated by the Issuer, but—
|
| [a] |
cannot be converted into, or exchanged or redeemed for, fiat currency; |
| [b] |
is otherwise intended by the Issuer to be used or accepted as payment means outside platforms operated by the Issuer or designated merchants; |
| [c] |
cannot be transferred between VA Wallets other than for the purposes of redemption from the Issuer or designated merchants; and |
| [d] |
is not sold by the Issuer for fiat currency, Virtual Assets or any value in kind. |
|
| “Regulations” |
means the Virtual Assets and Related Activities Regulations 2023, as may be amended from time to time. |
| “Risk Disclosure Statement” |
has the meaning ascribed to it in Rule III.B.1 of this VA Issuance Rulebook. |
| “Rule” |
has the meaning ascribed to it in the Regulations. |
| “UAE” |
means the United Arab Emirates. |
| “UAE Government” |
means the federal government of the United Arab Emirates and the government of each emirate. |
| “VA Activity” |
means the activities listed in Schedule 1 of the Regulations, as may be amended from time to time. |
| “VA Issuance Rulebook” |
means this Virtual Asset Issuance Rulebook issued by VARA pursuant to the Regulations, as may be amended from time to time. |
| “VARA” |
means the Dubai Virtual Assets Regulatory Authority. |
| “VA Wallet” |
has the meaning ascribed to the term “Virtual Asset Wallet” in the Dubai VA Law. |
| “Virtual Asset” or “VA” |
has the meaning ascribed to it in the Dubai VA Law. |
| “Whitepaper” |
has the meaning ascribed to it in Rule III.A.1 of this VA Issuance Rulebook. |
| “Working Day” |
has the meaning ascribed to it in the Regulations. |