| 1. | To the extent an ARVA provides owners and/or holders with a right of redemption, the VASP Licensed to issue the ARVA shall, at all times, ensure owners and/or holders of the ARVA have the right to redeem the ARVA for an equal value denominated in—
| a. | AED; and | | b. | other forms as may be determined by the VASP and disclosed in the Whitepaper.
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| 2. | To the extent an ARVA provides owners and/or holders with a right of redemption, the VASP Licensed to issue the ARVA shall, at all times, ensure owners and/or holders of the ARVA have the right to redeem the ARVA—
| a. | against the VASP; or | | b. | otherwise in respect of the Reserve Assets in the event that the VASP is unable to process and complete redemption requests.
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| 3. | VASPs Licensed to issue ARVAs must ensure all requests made by owners and/or holders to redeem such ARVAs for an equal value of RWAs shall be processed and completed within a reasonable period of such requests being made, provided the owner and/or holder, or their designee, has successfully onboarded with the VASP and any other conditions necessary to permit redemption in compliance with all applicable laws, Regulations, Rules and Directives have been met. |
| 4. | VASPs Licensed to issue ARVAs shall process and complete redemption requests without charging any fees. |
| 5. | VASPs Licensed to issue ARVAs shall establish, maintain and implement clear and detailed policies and procedures to ensure compliance with this Rule III.E.
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