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:

a)	All Applications must be submitted with documents and information listed in the Annex to this Regulation.;
b)	Where an Application received is incomplete or supporting documents or information is lacking, the Applicant will be informed in writing that the Application will be treated as “draft” and will be asked to complete the Application or provide the missing information by a date specified by the Central Bank.;
c)	Where information requested is not received by the specified date or a revised date agreed in writing by the Central Bank at the request of the Applicant, the Application may be treated as “suspended” and the Applicant will be notified of this in writing;
d)	Where an Application is “suspended”, the Applicant will be informed in writing that the processing of the Application will cease temporarily. Suspended Applications will be reactivated only when the outstanding information is submitted; and
e)	Where an Application is “suspended” for six (6) months or more for any reason, a new Application will be required if the Applicant wishes to pursue the matter further.

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:

a)	imposing a higher capital or liquidity requirement;
b)	additional requirements relating to protection of the Reserve of Assets; and
c)	restrictions on the Payment Token business or any secondary or ancillary businesses, or as to the maximum volume or value of Payment Tokens which may be issued.

10.

After the Central Bank has granted a License to an Applicant, the Central Bank will:

a)	assign a unique reference number to the License;
b)	specify in the License the date on which the License has taken effect; and
c)	list the details in (a) and (b) in a publicly available register on its website.

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.