5.2. Eligibility Criteria for Permissioned Validators

Validators shall fulfill the following minimum requirements:

• Be a duly incorporated entity, not in a High-Risk Jurisdiction.

• Have minimum affiliation (via its shareholders) with or (practically) control by any Minter and/or SPV Operator (or the affiliates of those) that is in direct contractual relationship with for the provision of its services. To the extent that the Validator has overlapping stakeholders with other Actors within the ecosystem, it is the duty of the Validator to provide evidence of appropriate corporate governance.

• Obtain and maintain all necessary authorizations and consents for the performance of its obligations under the Mandatory Contracts it needs to enter into with other ecosystem participants according to the Adopted Guidance.

• Have technical visibility of the Collateral Storage, and specifically the ability to connect to the SPVs bank and securities accounts, e.g. via API or other technical means, as well as to exchange Signatures with the Minter.

• Have all applicable licenses and permissions in their jurisdiction.