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  • Release of Funds

    • CRA-15.1.18

      The digital token issuer and the digital token advisor must enter into an agreement with provisions, among other matters, on the schedule of release of proceeds (if stated in the whitepaper), the progress report that will be required before each release of proceeds, and that the digital token advisor will return the said proceeds to the investors in case the soft cap of the digital token offer is not reached or in a pro-rata basis in case the project is not completed by the digital token issuer.

      Added: April 2023

    • CRA-15.1.19

      The banking arrangement for the purpose of managing subscription money between the digital token issuer and the digital token advisor must be dissolved upon completion of fund transfer process, unless the digital token offering failed to meet the soft cap target or the project is not completed by the digital token issuer with notification to the CBB.

      Added: April 2023

    • CRA-15.1.20

      If the digital token issuer is not able to complete the project, the appointed digital token advisor must:

      (a) Immediately notify the CBB regarding the non-completion of the project by the digital token issuer and the reason behind the project not being completed; and
      (b) Within 5 business days from the date of notifying the CBB, individually notify each investor about the non-completion of the project and refund the remaining proceeds under its care on a pro-rata basis to the investors based on the amount of their investment.
      Added: April 2023