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  • SIO-7.2 Modification of Published Stablecoin Whitepaper

    • SIO-7.2.1

      Stablecoin issuers must file a modified stablecoin whitepaper and seek the written approval of the CBB prior to any intended change of their business model likely to have a significant influence on the purchase decision of any clients or prospective clients of approved stablecoin, which occurs after the CBB’s approval of the stablecoin whitepaper. Such changes include, amongst others, any material modifications to:

      (a) the governance arrangements and risk management framework;
      (b) the reserve assets and the custody of the reserve assets;
      (c) the rights granted to the holders of approved stablecoins;
      (d) the mechanism through which the approved stablecoin is issued and redeemed;
      (e) the protocols for validating the transactions in approved stablecoins;
      (f) the functioning of stablecoin issuer’s proprietary distributed ledger technology; where the approved stablecoins are issued, transferred and stored using such a distributed ledger technology;
      (g) the mechanisms to ensure the liquidity of approved stablecoins, including the liquidity management policy and procedures;
      (h) the arrangements with third-party entities, including for managing the reserve assets and the custody of reserve assets;
      (i) the complaints-handling procedures;
      (j) the money laundering and terrorist financing risk assessment and general policies and procedures.
      Added: July 2025

    • SIO-7.2.2

      The CBB shall examine the proposed modification to the stablecoin whitepaper and may request additional information, explanation or justification concerning the proposed modification. Where the CBB makes such a request, the stablecoin issuer must provide the additional information requested within 15 days from the date of the request.

      Added: July 2025

    • SIO-7.2.3

      A modified stablecoin whitepaper must comply with the following requirements:

      (a) The order of the information appearing in the modified stablecoin whitepaper must be consistent with that of the original stablecoin whitepaper;
      (b) Clear identification of the items/paragraphs modified or replaced;
      (c) A statement that it is to be read in conjunction with the original stablecoin whitepaper; and
      (d) A responsibility statement from the Board of Directors of the licensee.
      Added: July 2025

    • SIO-7.2.4

      Where the CBB approves the modified stablecoin whitepaper, the stablecoin issuer must:

      (a) Immediately publish the modified stablecoin whitepaper on its website;
      (b) put in place necessary mechanisms to ensure protection of clients, when a modification of the stablecoin issuer’s operations can have a material effect on the value, stability, or risks of the approved stablecoins or the reserve assets;
      (c) take appropriate corrective measures to address concerns related to market integrity, financial stability or the smooth operation of payment systems.
      Added: July 2025