close-icon
close-icon

MultiBank.io App

The fastest way to buy crypto

Virtual Asset Standards

Introduction:

 

This Virtual Asset Standard Policy outlines the criteria and procedures established by MEX Digital FZE, to ensure the responsible listing and ongoing support of Virtual Assets (VAs) on the MultiBank.io Exchange platform. Adherence to these Virtual Asset Standards (VA Standards) is vital for regulatory compliance and safeguarding the interests of our valued clients.

 

Listing Requirements:

 

  • Liquidity and Market Capitalization:

    • VAs must demonstrate sufficient liquidity, meeting specified minimum market capitalization and fully diluted value requirements.

  • Clear Features and Utility:

    • VAs must possess clear features, use cases, utility, or community interest to enhance user experience and engagement.

  • Privacy and Traceability:

    • VAs shall not be categorized as "privacy coins" or incorporate features hindering traceability of transactions.

  • Legal Compliance:

    • VAs must comply with all applicable laws, regulations, rules, and directives.

    • Approval from the Dubai Virtual Assets Regulatory Authority (VARA) or other relevant authorities is mandatory.

 

Additional Considerations:

 

  • DLT Protocol Security:

    • Evaluation of the security and immutability of the underlying Distributed Ledger Technology (DLT) protocol.

    • Assessment of factors such as the likelihood of an attack, transaction effectiveness, uptime, and vulnerability to hacks or protocol errors.

  • Development and Communication:

    • Examination of the VA's future development as communicated by the issuer/developers.

    • Assessment of the content and extent of the communicated development.

  • Market Manipulation and Conflicts of Interest:

    • Scrutiny of previous instances of price manipulation.

    • Evaluation of potential susceptibility to price manipulation, considering team and holder concentration, market liquidity, and relevant mitigants.

  • Issuer Background:

    • Assessment of the background of the VA issuer, including experience in the VA sector and any adverse media.

    • Consideration of any investigations or claims related to fraud, deceit, market manipulation, or other illicit behavior.

  • Rights and Enforceability:

    • Examination of rights related to the VA, including their enforceability.

  • Asset Availability:

    • Assessment of the availability of sufficient assets to meet obligations related to the VA and any relevant VA Activities.

  • Impact on Physical Markets:

    • Evaluation, if applicable, of the impact of the VA on any underlying physical market.

 

AML/CFT, Sanctions, Securities, Intellectual Property:

 

  • Establishment of Crypto Exchange Standards: The Company is committed to defining and upholding standards specifically tailored to virtual assets traded on its cryptocurrency exchange platform.

  • Compliance Assurance for Crypto Assets: The Company will diligently take all reasonable steps, including comprehensive due diligence, to ensure that all virtual assets listed on the exchange comply with the established standards. This commitment is applicable both before and throughout the duration of any virtual asset activities facilitated by the Company.

  • Due Diligence for Crypto Assets: In the context of cryptocurrency exchange activities, due diligence will include an assessment of features that could have a material impact on the Company's compliance with relevant laws, regulations, rules, or directives. This encompasses considerations related to Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT), sanctions, securities regulations, intellectual property, and any other applicable legal requirements.

  • Ongoing Compliance Monitoring: The Company acknowledges the dynamic nature of the cryptocurrency landscape and commits to continuously monitor virtual assets to ensure they adhere to the established standards and remain compliant with all applicable laws and regulations.

 

Regulatory Treatment:

 

  • Gain a comprehensive understanding of the regulatory treatment of the Virtual Asset (VA) by the Virtual Asset Regulatory Authority (VARA) and other pertinent authorities, and thoroughly document these details.

  • Continuously monitor and promptly address any alterations in the regulatory status affecting the VA.

 

Regulatory Approvals:

 

  • Acquire and sustain necessary regulatory approvals in accordance with established requirements.

  • Effectively communicate any regulatory approvals obtained for the issuance of the Virtual Asset.

 

Ongoing Evaluation:

 

  • Regular Assessment:

    • Continuous assessment of listed VAs against VA Standards every six months.

  • Prompt Reassessment:

    • Immediate reassessment in case of developments suggesting non-compliance with standards.

  • Documentation:

    • Documentation of decisions and analysis to be kept on file for eight years, accessible to VARA upon request.

 

Suspension Protocols:

 

  • Ongoing Assessment:

    • Regular ongoing assessment to ensure compliance with VA Standards.

  • Suspension of Support:

    • Suspension of support for VAs that no longer meet standards due to events such as market manipulation, insufficient assets, or regulatory designation.

  • Minimizing Impact:

    • Implementation of operational procedures and controls to minimize adverse impacts on clients.

 

Contact Information:

 

For any inquiries or further information regarding our Virtual Asset Standard Policy, please contact MEX Digital FZE at [email protected]

 

This policy is subject to periodic review and updates. It is the responsibility of users to stay informed of any changes.