Book traversal links for Article (7): Licensing Procedure
Article (7): Licensing Procedure
2/2024 Effective from 21/8/2024
1. | The licensing of Applicants shall be subject to the procedure envisaged in the Central Bank’s licensing manual. |
Preliminary meeting with the Central Bank
2. | Any Person that is interested in obtaining a License may obtain the Application form from the Licensing Division of the Central Bank. |
3. | The Senior Management of the Applicant is strongly encouraged to meet and discuss the Applicant’s Payment Token business plan with the Central Bank before submitting a formal Application. |
Consultation with home regulator
4. | Where a Controller of the Applicant is regulated by another authority, including by authorities in other jurisdictions, the Central Bank may contact the relevant authority about the Applicant to elicit the relevant authority’s views. |
Completing and submitting the Application
5. | An Application must be lodged with the Central Bank with the completed form and the required documents and information set out in the Annex to this Regulation. |
Processing of Application
6. | The Central Bank may seek any additional information it deems necessary from the Applicant to reach a decision on the Application. | ||||||||||
7. | Incomplete information may result in delays. Applicants should, therefore, pay attention to the following points:
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Approval of Application
8. | The Central Bank may approve an Application for a License made by an Applicant provided that all the licensing criteria are met by the Applicant. | ||||||
9. | The Central Bank may grant the License without conditions or subject to any conditions attached. Conditions attached to a License may include, among others:
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10. | After the Central Bank has granted a License to an Applicant, the Central Bank will:
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11. | A Licensee must ensure that the License reference number of the License assigned to it by the Central Bank is clearly displayed on the Licensee’s website and promotional materials. |