SIO-2.2 Voluntary Surrender, Cancellation or Amendment of License
Voluntary Surrender of a License
SIO-2.2.1
In accordance with Article 50 of the CBB Law, a stablecoin issuer intending to cease carrying out all the approved regulated stablecoin offering services, must obtain the CBB’s written approval, before ceasing regulated stablecoin offering services. All such requests must be made in writing to the Director, Capital Markets Supervision, setting out in full the reasons for the request and how the business is to be wound up.
Added: July 2025SIO-2.2.2
Stablecoin issuers must satisfy the CBB that their clients’ interests are to be safeguarded during and after the proposed cancellation.
Added: July 2025SIO-2.2.3
The CBB will approve a request for cancellation of license by a stablecoin issuer where there are no outstanding regulatory concerns and client interests would not be prejudiced. A voluntary surrender will only be allowed to take effect once the stablecoin issuer, in the opinion of the CBB, has discharged all its regulatory obligations towards clients.
Added: July 2025Cancellation of a License by the CBB
SIO-2.2.4
Pursuant to Article 48 (c) of the CBB Law, the CBB may cancel a license, for instance if a stablecoin issuer fails to satisfy any of its existing license conditions or in order to protect the legitimate interests of clients or creditors of the licensee. The CBB generally views the cancellation of a license as appropriate only in the most serious of circumstances and generally tries to address supervisory concerns through other means beforehand.
Added: July 2025SIO-2.2.5
The procedures for cancellation of a license are contained in Articles 48 and 49 of the CBB Law.
Added: July 2025SIO-2.2.6
The CBB will only effect the cancellation once a stablecoin issuer has discharged all its regulatory responsibilities to clients. Until such time, the CBB will retain all its regulatory powers towards the licensee and will direct the stablecoin issuer so that no new regulated stablecoin issuance may be undertaken whilst the licensee discharges its obligations to its clients.
Added: July 2025Amendment to the scope of regulated services under the license or Amendment of the license
SIO-2.2.7
Stablecoin issuers wishing to vary the scope of the regulated stablecoin offering services under their existing license, whether by adding or ceasing some services, must obtain CBB’s prior written approval.
Added: July 2025
