Licensing Information

Licensing Information

 

The information below lists out the relevant licensing information that applies to your usage of our services.

 

This information is listed as below:

 

VARA License Number: VL/25/03/002

 

VA Regulated Activities: Exchange Services, Broker-Dealer Services

 

Responsible Individuals: Ben El-Baz, Jamie Allan

 

License Validity Period: This license is valid from [ 14/04/2025].

 

VA Standards: The Standards below are some of the factors considered for Virtual Asset listings. Virtual Assets are assessed for listing on a holistic basis, rather than on a single factor basis.

 

a. its market capitalisation, fully diluted value and liquidity, and whether such metrics have

trended downwards over time;

b. its design, features and use cases, whether or not intended by the Issuer or relevant

developers;

c. whether there are features which may materially affect a VASP’s compliance with

applicable laws, Regulations, Rules or Directives, including but not limited to those

relating to AML/CFT, sanctions, securities, intellectual property;

d. regulatory treatment by VARA and other appropriate authorities [including those

outside of the Emirate], in particular whether the issuance of the Virtual Asset has

received any regulatory approvals;

e. whether a Virtual Asset is prohibited by VARA or any other appropriate authorities

[both inside or outside the UAE] in jurisdictions in which the VASP will provide VA

Activities, or equivalent activities, in relation to such Virtual Asset;

f. the security and immutability of the underlying DLT protocol;

g. its future development [e.g. “roadmap”] as communicated by the Issuer and/or relevant

developers;

h. whether it may be susceptible to price manipulation for any reason and relevant

mitigations that will be implemented by the VASP;

i. whether potential or actual conflicts of interest may arise should a VASP provide any

VA Activities in relation to the Virtual Asset and relevant mitigations;

j. the background of its Issuer including, but not limited to, relevant experience in the

Virtual Asset sector and whether it has been subject to any investigations or claims in

relation to fraud or deceit;

k. if the Virtual Asset represents rights to any other assets, the enforceability of such

rights;

l. sufficient assets are available to satisfy any obligation with respect to any VA Activities;

m. VASPs shall ensure that Virtual Asset terms and conditions reflect, to the extent

possible, the operation of any existing underlying physical market and avoid adverse

impacts to such market [if applicable]; and

n. VASPs should review Virtual Asset terms and conditions on a periodic basis for

appropriate correlation with any physical market to ensure such terms and conditions

conform to standards and practices in that physical market [if applicable].