Article (14): Regulatory Capital Requirement for Licensed Payment Token Custodians and Transferors and Licensed Payment Token Conversion Providers
2/2024 Issued on 14/6/2024
1.
A Licensed Payment Token Service Provider performing Payment Token Custody and Transfer or Payment Token Conversion shall:
a)
where the monthly average value of Payment Token Transfers initiated, facilitated, effected, directed or received by that Licensed Payment Token Service Provider as part of those Payment Token Services amounts to ten (10) million Dirhams or above, hold regulatory capital of at least three (3) million Dirhams; and
b)
where the monthly average value of Payment Token Transfers initiated, facilitated, effected, directed or received by that Licensed Payment Token Service Provider as part of those Payment Token Services amounts to less than ten (10) million Dirhams, hold regulatory capital of at least one and a half (1.5) million Dirhams.
2.
For a Licensed Payment Token Service Provider falling within Article (14)1(b) whose monthly average value of Payment Token Transfers referred to in Article (14)1 rises above ten (10) million Dirhams in three (3) consecutive months, the Licensee shall report this fact to the Central Bank and become subject to the higher regulatory capital requirement in Article (14)1(a).
3.
The monthly average value of Payment Token Transfers referred to in Article (14)1 shall:
a)
be calculated on the basis of the moving average of the preceding three (3) months or, where such data does not exist at the time of being granted a License by the Central Bank, on the basis of the business plan and financial projections provided; and
b)
take into account both Payment Token Transfers initiated, facilitated, effected or directed by a Licensed Payment Token Service Provider and those received by the provider.