6.2. Eligibility Criteria for Permissioned Minters

BD Minters and Minters shall be set up and operated in compliance with the requirements and criteria described in the Adopted Guidance. In case the setup and operations of the BD Minter and/or Minter requires decisions on matters that are not covered in the Adopted Guidance, the stability, safety and availability of M shall be the sole guiding principle for such decisions.

Per one Minter entity, the current version of the Adopted Guidance allows only one Minter Address to be permissioned.

Minters shall be set up in such a way which maximizes insolvency remoteness. They shall not be allowed to conduct any other business but interact with the Protocol for the management of M. This excludes, for example, in particular any commercial and employment agreements. In principle, the Minter entity shall be fully owned or at least controlled by a BD Minter. Alternatively, a Minter shall be orphaned and operated by the BD Minter.

Permissioned Minters are expected to fulfill the following criteria:

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

• Have the technical ability to interact with the Protocol.

• Be able to provide signed Minter-SPV Operator agreement with a permissioned SPV Operator.

• Have all licenses and permissions required in their jurisdiction.

• Have reasonably strong insolvency remoteness.

• Be orphaned, solely owned, or controlled by the BD Minter.

• Be affiliated to a BD Minter that is not incorporated in a High-Risk Jurisdiction.

• Have established practices that are consistent with internationally accepted standards (such as the Financial Action Task Force (FATF) Recommendations) in regards to policies and procedures reasonably designed to prevent the Minter from facilitating money laundering and terrorist financing including an established KYC program and identifying and reporting suspicious activity, as appropriate.

• Have established policies and procedures designed to prevent the Minter through the BD Minter from processing transactions that violate OFAC or EU sanctions, including by implementing transaction screening procedures to identify OFAC listed Specially Designated Nationals (SDNs) and persons normally resident in jurisdictions subject to comprehensive sanctions.

Minters should not enter into any other agreements except the following:

• Agreements necessary to purchase Notes issued by the SPV.

• Agreements with its BD Minter for the provision of services required to operate the business of the Minter.

• Funding agreements with its BD Minter for the sole purpose of financing collateral purchases.

• Minter-Validator Agreement(s) and Minter-SPV Operator Agreement(s).

• Agreements reasonably necessary for compliance with regulatory obligations including anti-money laundering and sanctions checks (can be fulfilled by the BD Minter on behalf and for the Minter).

Every agreement that the Minter enters into shall be co-signed by the BD Minter and shall contain a clause whereby the BD Minter absorbs any and all financial liabilities arising from such agreements.