Virtual Asset Evaluation Standards

Aligned with the Dubai Virtual Assets Regulatory Authority (VARA) Rulebooks

1. PURPOSE AND APPLICABILITY

This document outlines the internal framework adopted by World Golden Gate Virtual Assets Broker & Dealer Services L.L.C (WGG) to assess, evaluate, approve, and monitor Virtual Assets (VAs) for listing and trading on its spot and OTC platforms.

These standards are intended to ensure that:

• All VAs listed or supported by WGG comply with the Dubai Virtual Assets Regulatory Authority (VARA) rulebooks.

• Clients are protected from unsuitable, illiquid, deceptive, or high-risk digital assets.

• WGG’s operational, legal, compliance, and cybersecurity teams are jointly accountable for VA onboarding.

This framework applies to all initial listings, Ongoing VA monitoring, and potential delistings.

2. REGULATORY ALIGNMENT AND SCOPE

WGG shall only evaluate or list Virtual Assets that are permitted under VARA’s regulatory perimeter and, where required, have received pre-clearance or no-objection from the Authority.

The following asset classes are evaluated:

• Utility Tokens

• Asset-Referenced Tokens / Stablecoins

• Payment Tokens

• Governance Tokens

• Exchange Tokens (if applicable)

Margin, leveraged, algorithmic stablecoins, privacy coins, or tokens connected to sanctioned networks are prohibited.

3. VIRTUAL ASSET EVALUATION COMMITTEE (VAEC)

WGG’s VAEC oversees the onboarding and risk classification of new VAs. 

VA decisions are made by majority vote and recorded with reasons for acceptance or rejection. External subject matter experts may be consulted where required.

4. EVALUATION DOMAINS AND SCORING MODEL

Every VA undergoes due diligence across the following evaluation domains:

A. Legal & Regulatory

• Compliance with UAE laws, international sanctions

• Issuer’s legal jurisdiction, token rights, and disclaimers

• Classification: utility vs. asset-referenced vs. hybrid

• Privacy compliance and transferability

B. Technical / Protocol Risk

• Public audit reports, whitepaper, smart contract security

• Blockchain infrastructure (e.g., Layer-1 vs Layer-2)

• Network uptime, bug bounty coverage, technical maturity

C. Governance & Tokenomics

• Centralization of control or issuance

• Insider allocations, lock-up schedules

• DAO participation (if applicable), major upgrade history

D. Market Integrity & Liquidity

• Minimum 90-day daily volume average

• Number of centralized/decentralized exchange listings

• Market maker stability and OTC coverage

• Wash trading or artificial price patterns

E. KYT & Blockchain Screening

• Elliptic score below internal red threshold

• No exposure to sanctioned wallets or privacy mixers

• Traceability of major on-chain flows

• Each category is scored, with a cumulative grade of Approved / Under Review / Rejected.

5. RISK-BASED REJECTION CRITERIA

WGG shall not onboard VAs that:

• Have anonymous founders or no verifiable team

• Lack a whitepaper or technical documentation

• Fail to pass or refuse third-party audits

• Exhibit strong ties to rug-pull schemes or wash trading

• Are flagged in AML/KYT systems for high exposure to illicit flows

6. ASSET-CLASS SPECIFIC CONDITIONS

A. Stablecoins / Asset-Referenced Tokens

• Must provide real-time proof of reserve

• Require legal framework to support redemption or asset claims

• Alignment with VARA stablecoin guidance mandatory

B. Payment Tokens

• Settlement compatibility within UAE fiat ramps

• Sufficient gas efficiency or integration readiness

C. Governance Tokens

• Clear DAO structure, snapshot voting, or on-chain governance

7. POST-ONBOARDING MONITORING

All listed VAs are subject to quarterly performance reviews based on:

• Market volume trends

• Network health and activity

• Community governance events

• Smart contract upgrades, forks, or vulnerabilities

• Regulatory notices or blacklisting from other jurisdictions

VAs failing two consecutive reviews or subject to emerging risk will be flagged for suspension or delisting.

8. RECORD KEEPING AND DOCUMENTATION

WGG retains complete due diligence files and committee minutes for a minimum of eight (8) years for all:

• Evaluated and listed virtual assets

• Delisted or rejected tokens

• Screening reports and scoring sheets

All documentation is encrypted and auditable, subject to internal and regulatory review.

9. DISCLOSURES AND TRANSPARENCY

Upon request or as required by VARA, WGG will:

• Disclose its internal risk score and rationale for any supported VA

• Provide evidence of due diligence and approval dates

• Report material changes affecting asset performance or compliance

WGG is committed to responsible onboarding of digital assets and protecting end-users from excessive exposure to volatile, misleading, or non-compliant virtual assets.

For regulatory correspondence or questions:

compliance@worldgoldengate.com