Requirements for Stablecoin Issuers and Issuance

Requirements for Stablecoin Issuers and Issuance.

Requirements for Stablecoin Issuer:

1. Application containing general information about the Issuer and a description of the usual business or trade. Additionally, the following must be indicated: a. Issuer's Name i. Issuer's Tax Identification Number ii. Address b. Legal Representative i. Telephone ii. Email c. Shareholders' Names i. Identification Document Number ii. Tax Identification Number d. Administrators' Names i. Identification Document Number ii. Tax Identification Number e. Indicate the LRU of your main website f. Clearly identify which jurisdictions, countries, or territories in which you carry out your operations; g. Provide a list of digital assets that have been issued in public offerings or in other jurisdictions, countries, or territories during the last three years. h. Place to receive notifications and designate persons commissioned for this purpose, including at least their telephone number, email, and address.

2. Copy of the testimony of the issuer's social deed of incorporation, of its modifications if any, registered in the Commerce Registry; as well as the current bylaws, if applicable, duly deposited in the corresponding registry or, in its case, legislative decree of creation;

3. List of partners, associates, or shareholders, with their participation in the company's capital, the type and number of the current identity document, and Tax Identification Number, if applicable. The aforementioned list must contain updated information as of the date of submission of the application, as well as a copy of the current identity document and Tax Identification Number of persons whose participation is equal to or greater than ten percent of the issuer's social capital. In the event that the shareholder is a company, information on the last beneficiary must be presented unless the company trades on an organized and regulated securities market, in which case this requirement is not necessary;

4. List of the issuer's administrators, indicating the type and number of identity document, Tax Identification Number, as well as a copy of the credentials of the Board of Directors, administrative attorneys, and administrators, indicating the respective term of office, duly registered in the corresponding registry, attaching a copy of the current identity document, Tax Identification Number, and curriculum vitae that accredits the professional or business experience of each of the administrators;

5. Audited financial statements of the issuer, corresponding to the last three fiscal years prior to the application, by an external auditor. In the case of issuers that have been in existence for less than three years, they must present the audited financial statements they possess as of the date of the application. In any case, if the company does not have audited financial statements, but can demonstrate an active presence of more than three years in the local or international digital asset markets, it may present limited review reports (commonly known as "attestations" in English) performed by an external auditor. In the event that the issuer does not have audited financial statements, from the date of its authorization to issue stablecoins, companies must, within 6 months following the closing of their fiscal year as a stablecoin issuer registered in El Salvador, comply by presenting a copy of the report from their auditor regarding their financial statements to the CNAD;

6. Copy of the Issuer's Tax Identification Number;

7. Policies and procedures on insider information, in accordance with Article 15 of the Stablecoin Regulations in relation to Article 20 of the Regulations on the Registry of Issuers and Public and Private Issuances.