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  • Disclosure of General Terms and Conditions

    • CRA-4.5.9

      When registering a new client, and prior to entering into transactions with such client, a licensee must disclose in clear, conspicuous, and legible writing in both Arabic and English languages, all relevant terms and conditions associated with its products and services including at a minimum, the following:

      (a) the client's liability for unauthorized crypto-asset transactions;
      (b) the client's right to stop payment of a preauthorized crypto-asset transfer and the procedure to initiate such a stop-payment order;
      (c) under what circumstances the licensee will disclose information concerning the client's account to third parties;
      (d) the client's right to receive periodic account statements from the licensee;
      (e) the client's right to receive a confirmation note or other evidence of a transaction;
      (f) the client's right to prior notice of a change in the licensee's rules or policies or terms and conditions; and
      (g) [This Subparagraph was deleted in April 2023].
      (h) cybersecurity risks associated with crypto-assets including the risk of partial or full loss of crypto-assets in the event of a cyber-attack, and measures that have been put in place to mitigate the cyber security risks.
      Amended: April 2023
      Added: April 2019

    • CRA-4.5.9A

      In addition to the disclosure requirements stipulated in Paragraph CRA-4.5.9, Category-1, Category-2 and Category-3 crypto-asset licensees must disclose, in writing, the following information to clients:

      (a) How they execute and route client’s order and source liquidity (e.g. whether they pass or route orders to an exchange to execute). Where the licensee routes client orders to one or more crypto-asset exchanges for execution, it must disclose details of all the crypto-asset exchanges;
      (b) Whether it may carry trading in crypto-assets as principal, and if so, whether, it may trade against client’s position; and
      (c) How it determines the prices of the crypto-assets it quotes to clients.
      Added: April 2023