2.2.30.1. General description

Operating a Digital Asset Trading Facility is listed in section 30 of Schedule 1 of GEN. It means operating a facility which functions regularly and brings together multiple parties

(a)     to buy, sell or exchange Digital Assets for a Fiat currency; or

(b)     to exchange one Digital Asset for another Digital Asset, in its Facility, in accordance with its non-discretionary rules.

Fiat currency means a currency which is issued by or on behalf of the government in its country (or countries) of issuance, and which is designated as legal tender in that or those countries through government decree, regulation or law.

Digital Asset has the same meaning as Private Electronic Currency or Private E-money and means a digital representation of value that:

(1)   can be digitally traded and functions as (a) a medium of exchange; or (b) a unit of account; or (c) a store of value;

(2)   can be exchanged back-and-forth for Fiat Currency, but is neither issued nor guaranteed by the government of any jurisdiction; and

(3)   fulfils the above functions only by agreement within the community of users of the Digital Asset; and, accordingly

(4)   is to be distinguished from Fiat Currency and E-money.

For more details see AIFC Rules on Digital Asset Activities.

Currency regulation

To be completed 

For more details see Chapter 4 of PERG.

2.2.30.2. Exclusions

There are none.