This VARA rulebook outlines the regulatory framework for custody services related to virtual assets in Dubai, UAE. It establishes requirements for board oversight, policies, procedures, public disclosures, and the storage and custody of virtual assets. The rulebook also covers staking from custody services and collateral wallet services, ensuring client protection and market integrity.
Key requirements
- Custodians must adhere to specific requirements for VA wallet management, including private key protection and transaction monitoring.
- Custodians must segregate and control client virtual assets to prevent commingling and unauthorized use.
- Custodians offering staking services must comply with rules related to client instructions, segregation of assets, and node management.
- Custodians must provide a risk disclosure statement to clients engaging in staking activities.
Applies to: Virtual Asset Service Providers (VASPs) licensed by VARA in Dubai, UAE, that offer custody services for virtual assets.