Procedure for Implementing an Administration
SIO-14.8.7
All proposals for assuming the administration of a stablecoin issuer are subject to a thorough review by the CBB of all relevant facts, assessed against the criteria outlined in Section SIO 14.8.1 to SIO-14.8.3.
Added: July 2025SIO-14.8.8
A formal notice of administration is issued to the stablecoin issuer concerned and copies posted in every place of business of the stablecoin issuer. As soon as practicable thereafter, the notice is also published in the Official Gazette and in one Arabic and one English newspapers in the Kingdom. The term “in administration” should be clearly marked in all the stablecoin issuer’s correspondence and on its website, next to the stablecoin issuer’s name.
Added: July 2025SIO-14.8.9
Article 136 of the CBB Law allows a stablecoin issuer 10 days following the administration taking effect in which to appeal to the CBB. If the CBB refuses the appeal, the stablecoin issuer has a further 30 calendar days from the date of the refusal in which to lodge an appeal at the courts. So as to reduce the potential damage of an administration order being applied and then withdrawn on appeal, where feasible the CBB will give advance notice to a stablecoin issuer’s Board of its intention to seek an administration, and allow the Board the right of appeal prior to an administration notice being formally served.
Added: July 2025
