6.3.1. Admission to Trading Rules

(1) An Authorised Private E-currency Trading Facility must make clear and transparent rules concerning the admission of Private E currencies to trading on its facilities.

(2) The rules of the Authorised Private E-currency Trading Facility must ensure that:

• (a) Private E-currencies admitted to trading on an Authorised Private E-currency Trading Facility’s facilities are capable of being traded in a fair, orderly and efficient manner; and
• (b) Private E-currencies admitted to trading on an Authorised Private E-currency Trading Facility’s facilities are freely negotiable.

6.3.2. Application for admission of Digital Assets to Trading

(1)Applications for the admission of a Digital Asset to trading can be made to an Authorised Digital Asset Trading Facility by the issuer of the Digital Asset, by a third party on behalf of and with the consent of the issuer of the Digital Asset, or by a Member of an Authorised Digital Asset Trading Facility.

(2)A Digital Asset can also be admitted to trading on the Authorised Digital Asset Trading Facility’s own initiative.

(3)An Authorised Digital Asset Trading Facility must, before admitting any Digital Asset to trading:

(a)be satisfied that the applicable requirements, including those in its Admission to Trading Rules, have been or will be fully complied with in respect of such Digital Asset and

(b)obtain approval of the AFSA in respect of such Digital Asset.

(4)For the purposes of (1), an Authorised Digital Asset Trading Facility must notify an applicant in writing of its decision in relation to the application for admission of the Digital Asset to trading. In the case that such decision is to deny the application, the written notice should indicate (i) whether the application has been considered by the AFSA, and if so, (ii) the AFSA’s determination in respect thereof.

(5)For purposes of 3(b), an application to AFSA by Authorised Digital Asset Trading Facility shall include:

(a)a copy of the admission application; and

(b)any other information requested by the AFSA.

6.3.3. Decision-making procedures for the AFSA in relation to applications for approval of the admission of Digital Assets to trading

(1)Where an Authorised Person Operating a Digital Asset Trading Facility applies for approval of the admission of a Digital Asset to trading, the AFSA may:

1. (a)approve the application;
2. (b)deny the application; or
3. (c)approve the application subject to conditions or restrictions.

(2)The AFSA may exercise its powers under (1)(b) where the AFSA reasonably considers that:

1. (a)granting the Digital Assets admission to trading of Digital Assets would be detrimental to the interests of Persons dealing in the relevant Digital Assets using the facilities of an Authorised Person Operating a Digital Asset Trading Facility or otherwise; or
2. (b)any requirements imposed by the AFSA or in the Rules of an Authorised Digital Asset Trading Facility as are applicable have not been or will not be complied with; or
3. (c)the Issuer of the Digital Assets has failed or will fail to comply with any obligations applying to it including those relating to having its Digital Assets admitted to trading or traded in another jurisdiction.

(3)Where the AFSA denies an application for approval of admission of a Digital Asset to trading pursuant to (2), such Digital Assets must not be admitted by an Authorised Person Operating a Digital Asset Trading Facility to its facility.

(4)Where the AFSA approves an application for approval of admission of a Digital Asset to trading subject to conditions or restrictions, the Authorised Person Operating a Digital Asset Trading Facility is responsible for implanting such conditions and restrictions in admitting the Digital Asset to trading, and such conditions or restrictions may not be varied or removed without the approval of the AFSA.

6.3.4. Undertaking to comply with the acting law of the AIFC

An Authorised Digital Asset Trading Facility may not admit Digital Asset to trading unless the person who seeks to have Digital Assets admitted to trading:

1. (a)gives an enforceable undertaking to the AFSA to submit unconditionally to the jurisdiction of the AIFC in relation to any matters which arise out of or which relate to its use of the facilities of the Authorised Market Institution;
2. (b)agrees in writing to submit unconditionally to the jurisdiction of the AIFC Courts in relation to any disputes, or other proceedings in the AIFC, which arise out of or relate to its use of the facilities of the Authorised Market Institution; and
3. (c)agrees in writing to subject itself to the acting law of the AIFC in relation to its use of the facilities of the Authorised Market Institution.

6.3.5. Review of compliance

The Authorised Digital Asset Trading Facility must maintain arrangements regularly to review whether the Digital Assets admitted to trading on its facilities comply with the Admission to Trading Rules.