Application
The following provisions shall apply with respect to Virtual Asset Service Providers within the territorial scope of the UAE Federal and Emirate Laws, any Free Zone and any Financial Free Zone.
Risk Based Approach (Section on Risk Assessment, Enhanced Due Diligence measures)
Article no. (1):
- This Article applies in relation to any Virtual Asset Transfer which is: a. Executed by a Virtual Asset Service Provider acting on behalf of the Originator and in which a Virtual Asset is transferred to a Virtual Asset Service Provider acting on behalf of the Beneficiary; or b. Received by a Virtual Asset Service Provider acting on behalf of the Beneficiary and in which a Virtual Asset is Received from a Virtual Asset Service Provider acting on behalf of the Originator.
Transaction fees (also known as ‘gas fees’) are excluded from the scope of this Article.
- Subject to paragraphs 6 to 8 and 11 of this Article, a Virtual Asset Service Provider must not Execute a Virtual Asset Transfer unless it collects, verifies and provides the following data immediately and securely to accompany the Virtual Asset Transfer:
Information accompa...