Further to the Virtual Assets Regulatory Authority (VARA) notice dated 4 October 2023 in relation to the enforcement action and ongoing investigation regarding the issuance, marketing and distribution of Islamic Coin (ISLM) by Bored Gen DMCC (BG) and its affiliate entities, investors and market participants are advised that the instances of activity that were the subject of VARAâs investigation referenced therein have been concluded.
Matters identified as part of the investigation have been been facilitated and actively addressed by BG. VARA notes that BG has cooperated fully throughout VARA's review of this matter, and has undertaken remedial measures, including the implementation of adequate public disclosures for improved market assurance. VARA further views these matters under investigation to largely constitute technical non-compliance.
BG is required to secure appropriate approvals from VARA to undertake any distribution of ISLM to the Dubai market â until such time as this approval is received, no domestic market promotion and/or access facilitation is permissible. BG may continue business operations related to non-VA Activities, subject to maintenance of regular engagement with VARA and fulfilment of the necessary obligations including full compliance with all applicable regulatory requirements.
