VARA Regulatory Information

Licence status: Mask Virtual Assets Exchange LLC is currently in the process of obtaining a VARA licence and is not yet licensed to conduct virtual asset activities. All services are subject to licence issuance. The VARA licence number will be published on this page upon grant.

Licensed VA activities

Upon issuance of its VARA licence, Mask Virtual Assets Exchange LLC will be authorised to carry out the following Virtual Asset activities in the Emirate of Dubai. All activities are subject to any conditions or restrictions specified in the licence.

Activity	Description
Broker-Dealer Services Agency-based trade execution	Execution of virtual asset trades on behalf of clients on an agency basis, including order routing and best execution oversight.
Liquidity Facilitation Via vetted liquidity providers	Facilitation of liquidity through VARA-licensed or VARA-approved liquidity providers to support client order execution.
Order Routing & Execution Advanced routing services	Advanced order routing and execution services, including cross-asset trading pairs, to support best execution outcomes for clients.
Market-Making Arrangements Through third-party providers	Market-making arrangements facilitated through approved third-party service providers to support liquidity and market access.
Placement & Distribution Of virtual assets	Placement and distribution of virtual assets to eligible institutional clients in accordance with VARA Broker-Dealer Services Rulebook requirements.

* Activities listed are pending VARA licence issuance. The licence number will be published upon issuance. Metra does not provide exchange services or operate a VA exchange.

Responsible individuals

As required under VARA's Company Rulebook, Mask Virtual Assets Exchange LLC has appointed two Responsible Individuals of sufficient seniority who are responsible for compliance with all legal and regulatory obligations.

Omar Gull

Beatrice Waithera Maina

* This list will be updated upon any change to Responsible Individuals. All individuals have been assessed as fit and proper in accordance with VARA requirements.

Virtual asset standards

Mask Virtual Assets Exchange LLC applies the following standards to all virtual assets handled on behalf of clients, in accordance with the VARA Market Conduct Rulebook and applicable VARA Rulebooks. The full VA Standards are published on the Virtual Asset Standards page, and are set out in detail below.

Standard 01

Eligible virtual assets only

Metra will only handle virtual assets that have been assessed as eligible for the services it provides, in compliance with VARA requirements and the applicable Virtual Assets Standards.

Standard 02

No algorithmic or unbacked stablecoins

Metra will not facilitate trading in algorithmic stablecoins or stablecoins that are not fully backed by reserve assets, in accordance with VARA restrictions.

Standard 03

Client asset segregation

All client virtual assets are held separately from Metra's own assets in segregated custody with a VARA-approved qualified custodian. No commingling of client and firm assets.

Standard 04

Best execution obligation

Metra applies a documented best execution policy to all client orders, routing across venues to achieve the best available outcome on price, cost, speed, and likelihood of execution.

Standard 05

Agency-only execution

As a broker-dealer, Metra acts exclusively on an agency basis. Metra does not trade against client orders from its own book or take proprietary positions against clients.

Standard 06

Ongoing VA eligibility review

Virtual assets supported by Metra are subject to ongoing monitoring and review. Assets may be suspended or removed if they no longer meet eligibility standards or VARA requirements.

Standard 07

Sanctions & AML screening

All virtual asset transactions are screened against applicable sanctions lists and subject to AML/CFT controls, including Travel Rule compliance for qualifying transfers.

Standard 08

Transparent fee disclosure

All fees, spreads, and charges applicable to virtual asset transactions are disclosed to clients before execution. See the Schedule of Fees for full details.