Glossary
Authoritative definitions of key terms in Dubai's virtual asset regulatory landscape — from VASP classifications to VARA enforcement measures and AML/CFT compliance terminology.
Anti-Money Laundering (AML)
Comprehensive definition of AML in the context of VARA regulation, covering AML programme requirements, UAE federal obligations, and FATF standard implementation for VASPs.
Cease-and-Desist Order
Definition and analysis of cease-and-desist orders as used in VARA's enforcement toolkit, covering legal basis, application, and precedents from enforcement cases.
Consumer Protection
Definition of consumer protection as applied in VARA's regulatory framework, covering disclosure requirements, asset segregation, complaint handling, and qualified investor classification.
Enforcement Notice
Definition of enforcement notices under VARA's regulatory framework, covering the types of notices, their legal effects, and the compliance rectification requirements they impose.
Financial Penalty
Definition of financial penalties under VARA's enforcement framework, covering the legal basis, penalty calculation, and application in enforcement actions against virtual asset entities.
Minimum Viable Product (MVP) Licence
Definition of the MVP licensing concept used by VARA, covering both MVP Preparatory and MVP Operational licence stages and their significance in the VASP authorization process.
Politically Exposed Person (PEP)
Definition of PEP as used in VARA's AML/CFT framework, covering identification requirements, enhanced due diligence obligations, and ongoing monitoring for VASPs.
Supervisory Warning
Definition of supervisory warnings in VARA's enforcement framework, covering the role of written reprimands in the graduated enforcement approach to virtual asset regulation.
Virtual Asset
Definition of virtual asset under VARA's regulatory framework, covering the scope of the definition, included and excluded asset types, and regulatory classification.
Virtual Asset Service Provider (VASP)
Comprehensive definition of VASP as used in VARA's regulatory framework, covering the types of entities classified as VASPs, licensing requirements, and regulatory obligations in Dubai.