| 1. | VARA may, in its sole and absolute discretion, designate any VASP Licensed to issue an ARVA as a Significant ARVA Issuer at the time of granting a Licence or anytime thereafter. |
| 2. | In designating a VASP as a Significant ARVA Issuer, VARA may consider all factors relevant to the VASP and/or the ARVA issued by the VASP, including but not limited to—
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| | a. | the number of owners and/or holders of the ARVA; |
| | b. | the value of circulating and/or outstanding supply of the ARVA; |
| | c. | the value of the Reserve Assets maintained by the VASP; |
| | d. | the number and value of transactions in the ARVA; |
| | e. | whether the VASP and/or its affiliates carry out any other VA Activity(ies) and/or financial services in the Emirate, or provide services similar to VA Activities and/or financial services in other jurisdictions; |
| | f. | interconnectedness with licensed financial institutions and/or VASPs; and/or |
| | g. | the business, structural and operational complexity of the VASP in relation to the ARVA issued by it.
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| 3. | VARA may, in its sole and absolute discretion, impose any Rules on a Significant ARVA Issuer in addition to those contained in the Rulebooks, which may include, but not be limited to, additional Rules on—
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| | a. | company structure and corporate governance; |
| | b. | Paid-Up Capital, Net Liquid Assets, Insurance and/or Reserve Assets; |
| | c. | audits, regulatory reporting and regulatory notifications; and/or |
| | d. | any other matter as VARA deems appropriate.
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