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  • General Requirements

    • CRA-15.1.9

      The digital token issuer must meet the following requirements for a digital token offering:

      (a) The digital token issuer must be a legal person duly incorporated under the laws of the Kingdom of Bahrain or a jurisdiction acceptable to the CBB and which is not publicly listed on a stock exchange;
      (b) The digital token issuer must ensure no conflict of interest arises during the issuance of digital tokens;
      (c) The digital token issuer must protect and act in the best interests of digital token holders as well as provide equal treatment to all digital token holders;
      (d) The digital token issuer must adhere to the offering and issuing timetable contained in the whitepaper, or as amended, subject to the CBB’s written approval;
      (e) The maturity period of a digital token exhibiting characteristics of a debt security must not exceed 5 years;
      (f) For any single offering of digital token, the digital tokens must have identical terms and conditions of issuance, including having the same price; and
      (g) The offer period for a digital token offering must not be less than 10 calendar days after the day of commencement of the offer and must not exceed a maximum period of three (3) months.
      Added: April 2023

    • CRA-15.1.10

      The digital token issuer and the digital token advisor must fulfil all obligations in their respective capacities in accordance with the signed written agreements concluded between them in respect of the digital token issue.

      Added: April 2023