1.1. Application of these Rules

(1)        These Rules, which may be cited as the AIFC Rules on Digital Asset Activities (“DAA”), apply to a Person carrying out, in or from the AIFC, the following Regulated Activities in relation to Digital Assets:

(a)        Dealing in Investments as Principal;

(b)        Dealing in Investments as Agent;

(c)        Managing Investments;

(d)        Managing a Collective Investment Scheme;

(e)        Providing Custody;

(f)          Arranging Custody;

(g)        Advising on Investments;

(h)        Arranging Deals in Investments;

(i)          Providing Money Services; and

(j)          Operating a Digital Asset Trading Facility.

(2)        Except as stated otherwise, a reference to Digital Asset in these Rules it taken to include Digital Asset Derivatives.

Guidance:

The following activities do not constitute Operating a Digital Asset Business:

(a)        trading of Digital Assets for the Person’s own investment purposes, where such trading is not carried out by way of business; or

any other activity or arrangement that is deemed by the AFSA to not constitute Operating a Digital Asset business, where necessary and appropriate in order for the AFSA to pursue its objectives.