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