CRA-15.2.1
Digital token issuers must meet the following requirements:
(a) Appoint a digital token advisor to fulfil the obligations stipulated in this Module;
(b) Appoint a legal advisor for carrying out legal due diligence;
(c) Ensure that a robust corporate governance structure, which at a minimum includes necessary and appropriate policies, practices and internal controls, is in place to safeguard against unethical conduct, mismanagement and fraudulent activities;
(d) Put in place necessary systems and controls for mitigating the risks of money laundering and financing of terrorism. For this purpose, the digital token issuer must set up suitable organisational structures, internal procedures and a supervision system to address these risks and ensure compliance with its obligations relating to anti-money laundering and terror financing;
(e) Provide to the CBB any information or assistance as the CBB deems necessary relating to the digital tokens;
(f) Retain all relevant documents and agreements related to the digital token offering for a period of five (5) years; and
(g) Be liable towards its digital token holders for any damages incurred by them resulting from its wilful misconduct or negligence, including the failure to perform in whole or in part its obligations.
Added: April 2023
