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  • Commencement of Operations

    • SIO-2.1.19

      Prior to commencement of operation a stablecoin issuer must provide to the CBB (if not previously submitted):

      (a) The registered office address and details of premises to be used to carry out the business of the proposed stablecoin issuer;
      (b) The stablecoin issuer’s contact details including telephone and fax number, e-mail address and website;
      (c) A copy of the auditor’s acceptance to act as auditor for the applicant;
      (d) A copy of the applicant’s notarized memorandum and articles of association, addressing the matters described in Paragraph SIO-2.1.9;
      (e) A copy of the commercial registration certificate in Arabic and in English from the Ministry of Industry and Commerce;
      (f) A written confirmation from the bank, financial institution and custodian, addressed to the CBB providing details about the banking arrangements for subscription money, reserve asset management arrangement and custody arrangement that has been made by the stablecoin issuer;
      (g) Where the stablecoin issuer has entered into an agreement with a third party for custody arrangement, a copy of the written agreement between the stablecoin issuer and the third party.
      Added: July 2025

    • SIO-2.1.20

      Licensed stablecoin issuers must commence their commercial operations within 6 months of being granted a license by the CBB, failing which the CBB may cancel the license, in accordance with the provisions of the CBB Law.

      Added: July 2025

    • SIO-2.1.21

      In addition, the CBB may vary existing requirements or impose additional restrictions or requirements, beyond those already specified for stablecoin issuers, to address specific risks.

      Added: July 2025