1. This document sets out guidelines to facilitate a Person’s assessment of the suitability of a Crypto Token under GEN Rule 3A.2.1(2)(a). It communicates the DFSA’s expectations as to how a Person will typically seek to achieve compliance with relevant requirements in the Rules.
2. Unless otherwise defined, the terms contained in these Supervisory Guidelines have the same meaning as in the DFSA Rulebook Glossary (GLO).
3. In concluding whether a Crypto Token is suitable, a Person must undertake an assessment of a Crypto Token and conclude on reasonable grounds, having regard to the Crypto Token criteria listed in GEN Rule 3A.2.1, that it is suitable for use by that Person in relation to the relevant activity.
4. The assessment of a Crypto Token should involve consideration of the relative importance of each criterion taking into account all relevant factors including the Person’s proposed activity, its customer base and the nature, scale and complexity of its DIFC operations. For example, a large, well-established global Fund Manager assessing...