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  • Documentation Requirements

    • CRA-15.1.28

      A digital token issuer, through its appointed digital token advisor, must provide the CBB the following documents:

      (a) A draft whitepaper prepared in accordance with the requirements of this Module;
      (b) An up-to-date copy of the memorandum and articles of association;
      (c) A copy of the digital token issuer’s Board of Directors’ resolution approving the issuance of digital tokens;
      (d) Copies of audited financial statements. A company that has been established for less than one year must submit projected financial statements whereas a company that has been established for a longer period (more than 1 year) must provide the financial statements for the past financial years going up to a maximum of preceding 3 financial years;
      (e) Documents proving the establishment of an arrangement that ensures the monitoring and safeguarding of the funds to be collected through the digital token offering in accordance with Paragraph CRA-15.2.10;
      (f) A copy of the agreement entered into with the appointed licensed retail bank for deposit of funds to be raised through the digital token offer;
      (h) All proposed marketing material related to the digital token offering;
      (i) A declaration by the digital token advisor confirming its responsibility for carrying out due diligence on the digital token issuer and assessing accuracy of the information contained in the whitepaper and other documents submitted as part of the application (Appendix CRA-2);
      (j) A declaration by the Board of Directors regarding the reliability and accuracy of the information provided to the CBB as part of the digital token offering requirements (Appendix CRA-3);
      (k) A copy of the duly signed declaration by the legal advisor for the digital token offer, based on a due diligence exercise of all applicable laws, facts and arrangements, including enforceability of the rights relating to the digital tokens, as appropriate (Appendix CRA-4); and
      (l) Any other information as required by the CBB.
      Added: April 2023