6.5. Guidelines for Submission of Permissioning Requests

An application for the permissioning as a Minter requires the whitelisting of the applicant’s public key on the list of permissioned Minters.

As the most central actor in the ecosystem, Minters shall have a thorough understanding of the Adopted Guidance and all the ways it impacts their business. It is expected that the approval of Minters by Governance shall involve an in-depth collaboration with governors so they reach a good level of understanding of the applicant’s abilities.

Before submitting its application, the Minter shall make a KYC report public via appropriate channels, as well as appropriate proof that the requirements set forth in Eligibility Criteria for Permissioned Minters are met:

• Certified copies of the commercial register and/or trade register and/or register of companies or alike, proving that the company was duly incorporated in the jurisdiction it is providing its services from.

• Proof of who the ultimate beneficial owners (UBO) of the company are, including proof for negative politically exposed persons (PEP) / sanctions check.

• Certified copies of all required official licenses required to operate the business and to provide the services outlined in the Adopted Guidance and in the contractual agreements where the Minter is a party to.

• A legally binding declaration that no insolvency, bankruptcy or similar/comparable proceedings are currently pending or to be anticipated in the foreseeable future in relation to the company.

• Proof that the company is minimally affiliated (via its shareholders) with or (practically) controlled by any SPV Operator and/or Validator named as approved or permissioned actor in the Adopted Guidance. When there is some level of affiliation, relevant evidence of appropriate corporate governance shall be presented.

• A legally binding declaration, as long as objectively and legally possible, to set up its business activities in regards to the services and contractual relationships as outlined in the Adopted Guidance.

• A legally binding commitment, as long as objectively and legally possible, to amend its contractual relationships reflecting potential mandatory changes of the Adopted Guidance.

Where confidentiality concerns emerge, the M^0 Foundation can step under Non-Disclosure Agreements to analyze the required documentation and provide a qualified public opinion to the ecosystem.