You can see the rules and regulations in other jurisdictions.
If the person or entity operating a payment service will issue a facility that can store the value of an amount of money and will be giving an undertaking that the facility may be used for the payment of goods or services of either the issuer or another person, the person or entity may be required to obtain a stored-value facility (SVF) licence pursuant to the PSSVFO. The 'undertaking' referred to above means an undertaking that the issuer will accept the payment up to the amount of the stored value that is available for use under the rules of the facility or that the issuer will make payment to the recipient of that amount. It is noteworthy that the SVF licence also applies to 'facilitators', which are defined as anyone who is not the issuer and provides 'the issuer with valuable consideration the value of which determines . . . the extent to which the issuer may give an undertaking' (for example, by providing some of the reserve in stablecoins).1
You can launch your platform by paying $5000 initially and the rest after 6-12 months if your business grows