SIO-2.1.4
Unless otherwise directed by the CBB, the following documents must be provided in support of the application for license:
(a) A duly completed Form 2 (Application for Authorisation of Shareholders) for each Shareholder of the proposed licensee;
(b) A duly completed Form 3 (Application for approval of Board directors and senior management), for each individual proposed to undertake a controlled function (as provided for in Paragraph SIO-2.5.2) in the proposed licensee;
(c) A comprehensive business plan for the application, addressing the matters described in Paragraph SIO-2.1.6;
(d) A copy of the applicant’s commercial registration certificate;
(e) A certified copy of a Board resolution of the applicant, confirming its decision to seek a CBB stablecoin issuer license;
(f) In the case of applicants that are part of a group, either a letter of no objection to the proposed license application from the applicant’s lead supervisor, together with confirmation that the group is in good regulatory standing and is in compliance with applicable supervisory requirements, including those relating to capital requirements or the group is able to demonstrate that it has:
(i) minimum three years of satisfactory business track record preferably as a stablecoin issuer or crypto asset business or as a financial institution supervised by a relevant supervisory authority; and
(ii) a management team with necessary expertise in respect of corporate governance and conduct of business matters relevant to the proposed regulated activities;
(g) In the case of applicants that are part of a group, copies of the audited financial statements of the applicant’s group, for the three years immediately prior to the date of application;
(h) In the case of applicants not falling under (g) above, copies of the audited financial statements of the applicant’s substantial shareholder (where they are a legal person), for the three years immediately prior to the date of application;
(i) A copy of the applicant’s memorandum and articles of association (in draft form for applicants creating a new company);
(j) A draft stablecoin whitepaper with all the information pertaining to the stablecoin as stipulated in Chapter 7; and
(k) A description of the system and procedure in place to safeguard the integrity and confidentiality of data;
(l) Details of their proposed external auditor to the CBB as part of their license application.
Added: July 2025