Virtual Asset (VA) Transfer and Settlement Services Rulebook published by VARA

The Virtual Asset Regulatory Authority (VARA) has published a rulebook on Virtual Assets Transfer and Settlement. The VA Transfer and Settlement Services Rulebook is issued pursuant to and forms part of the Virtual Assets and Related Activities Regulations 2023 issued by VARA. The rulebook applies to all Virtual Asset Service Providers licensed by VARA to carry out Virtual Asset Transfer and Settlement Services in or from the UAE.

The rulebook requires VASPs providing VA Transfer and Settlement Services to prepare and implement written policies and procedures in relation to the rectification of non-executed, defectively executed, or incomplete virtual asset transfer/transmission or settlement and refund thereof.

It requires VASPs to make public disclosure and provides VA Transfer and Settlement Rules. The Virtual Asset Transfer and Settlement Services Rulebook requires VASPs to follow some general requirements and lays down rules in relation to property interests and protection of clients’ virtual assets, authorization and responsibility for transmission or transfers and or settlements, client disclosure requirements, exchange trade or conversion, and receipt.