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A. Value of an Asset-Referenced Virtual Asset

1.
All Entities seeking to issue an ARVA shall clearly demonstrate to VARA—
 
a.the rights and/or value that the ARVA grants, or purports to grant, to the owners and/or holders of the ARVA; and
b.a clear and detailed policy on how the Entity will ensure the ARVA derives and maintains its value.
 
2.Reference Asset. All Entities seeking to issue an ARVA shall clearly demonstrate to VARA the type and composition of Reference Assets and whether the Reference Asset may change and, if so, the circumstances in which any such changes may take place.