CRA-2.1.1

The legal status of a licensed crypto-asset service licensee must be:

CRA-2.1.2

[This Paragraph was deleted in April 2023].

CRA-2.2.1

Licensees must have designated place of business within the Kingdom of Bahrain. Licensees with their Registered Office in the Kingdom of Bahrain must maintain their Head Office in the Kingdom.

CRA-2.2.2

The CBB requires the following approved persons occupying controlled functions must be resident in Bahrain:

CRA-2.2.3

[This Paragraph was deleted in April 2023].

CRA-2.3.1

Licensees must satisfy the CBB that their substantial shareholders are suitable and pose no undue risks to the licensee.

CRA-2.3.2

For the purposes of this Module "substantial shareholder" means a person who alone or together with his associates:

CRA-2.4.1

As per Article 65(a) of the CBB law, those nominated to carry out controlled functions must satisfy CBB's approved person's requirements.

CRA-2.4.2

The definition of controlled functions as well as the CBB’s approved person requirements are contained in Section CRA-1.7.

CRA-2.4.3

The licensee's staff must collectively provide a sufficient range of skills and experience to manage the affairs of the licensee in a sound and prudent manner. Licensees must ensure their employees meet any training and competency requirements specified by the CBB.

CRA-2.5.1

Licensees must maintain a level of financial resources, as agreed with the CBB, adequate for the level of business proposed. The level of financial resources held must always equal or exceed the minimum requirements contained in Chapter CRA-3.

CRA-2.5.2

[This Paragraph was deleted in April 2023].

CRA-2.5.3

The CBB, in its complete discretion may ask for a guarantee from the potential licensee’s (applicant’s) controlling or major shareholders or the ultimate beneficiaries on a case by case basis as it deems appropriate/necessary as part of the required documents to be submitted as mentioned in Paragraph CRA-1.2.4.

CRA-2.6.1

Licensees must maintain systems and controls that are adequate for the scale and complexity of their activities. These systems and controls, at a minimum, must meet the requirements contained in Chapter CRA-5 (Technology Governance and Cyber Security), Chapter CRA-6 (Risk Management) and the requirements of Module HC (High-level Controls) of the CBB Rulebook Volume 6.

CRA-2.6.2

Licensees must maintain adequate segregation of responsibilities in their staffing arrangements, to protect against the misuse of systems or errors. Such segregation must ensure that no single individual has control over all stages of a transaction.

CRA-2.6.3

Licensees must maintain systems and controls that are adequate to address the risks of financial crime occurring in the licensee. These systems and controls must meet the minimum requirements contained in Module AML of the CBB Rulebook Volume 6.

CRA-2.6.4

[This Paragraph was deleted in April 2023].

CRA-2.6.5

Licensees must, in connection with any client assets received in the course of their business, establish and maintain separate client accounts, segregated from those used for their own funds, as specified in Section CRA-4.5.

CRA-2.6.6

[This Paragraph was deleted in April 2023].

CRA-2.6.7

[This Paragraph was deleted in April 2023].

CRA-2.7.1

Pursuant to Article 61 of the CBB Law, Licensees must appoint external auditors, subject to prior CBB approval. Licensees must comply with the minimum requirements regarding auditors contained in Section CRA-4.2.

CRA-2.7.2

Applicants must submit details of their proposed external auditor to the CBB as part of their license application.

Books and Records

General Conduct

Additional Conditions