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Article (13): Regulatory Capital Requirement for Licensed Payment Token Issuers

2/2024 Issued on 14/6/2024
1.

A Licensed Payment Token Issuer must maintain at least:

a)Initial and ongoing capital of fifteen (15) million Dirhams; plus
b)additional ongoing capital of at least 0.5% of the Fiat Currency face value of outstanding Payment Tokens.
2.

A Payment Token Issuer subject to the alternative requirement for the Reserve of Assets as set out in Article (22)3 must, instead of the requirement in Article (13)1 above, maintain at least:

a)initial and ongoing capital of fifteen (15) million Dirhams; plus
b)additional ongoing capital of at least 2% of the Fiat Currency face value of outstanding Payment Tokens.