UAE Virtual Asset Regulatory Authority (VARA) Regulations CO-VI.E: Company Rulebook VI.E and VI.F: Reserve assets and prudential notifications

What does CO-VI.E require?

Hold reserve assets equal to 100% of client liabilities, one-to-one in the same virtual asset owed, reconciled daily and audited by an independent auditor at least every six months with the report in the next quarterly VARA return. Tell VARA immediately of any shortfall in capital, liquid assets, insurance or reserves with amounts, causes, remediation and timeline, update daily until fixed, monitor risks to these buffers, and hold more if VARA requires.