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CRA-15.1.30

The whitepaper must contain, in both the Arabic and English language, all the information concerning the digital token issuer and the proposed digital token offering that would enable investors to make an informed investment decision and understand the risks relating to the offering. The information in the whitepaper must, at a minimum, include the following:

(a) A detailed description of the digital token issuer's project, the reasons for the offering and the planned use of the funds raised;
(b) Detailed information about the directors, senior management, key personnel and advisers involved in the project’s design and development including the name, designation, nationality, address, professional qualifications and related experience;
(c) The business plan of the digital token issuer;
(d) The key characteristics of the digital token including the rights, conditions, function and obligations attached to the digital tokens including any specific rights attributed to a token holder and the procedures and conditions of exercise of these rights;
(e) A summary of the legal opinion regarding the priority of the claims of digital token holders in the event of insolvency or liquidation of the digital token issuer;
(f) A detailed description of the digital token offering, including but not limited to:
(g) The number of digital tokens to be issued;
(h) The digital token issue price;
(i) The subscription terms and conditions;
(j) The minimum amount necessary to carry out the project and the maximum amount of the offering; and
(k) The subsequent use and application of the proceeds thereafter illustrated in a scheduled timeline for drawdown and utilisation of proceeds (“schedule of proceeds”);
(l) The technical specifications of the digital token;
(m) The risks relating to the digital token issuer, the digital tokens, the digital token offering and the carrying out of the project, as well as mitigating measures thereof;
(n) A detailed description on the determination of the accounting and the valuation treatments for the digital tokens including all valuation methodology and reasonable presumptions adopted in such calculation;
(o) The allotment policy for the digital tokens;
(p) A detailed technical description of the protocol, platform and/or application of the digital token, as the case may be, and the associated benefits of the technology;
(e) Detailed description of the sustainability and scalability of the underlying business or project;
(f) Detailed description of the financial, technical, legal and commercial due diligence and market feasibility undertaken on the project;
(g) Financial statements of the digital token issuer in accordance with CRA15.1.28(d); and
(h) The offering timetable.
Added: April 2023