You can see the rules and regulations in other jurisdictions.
An individual or entity operating a payment service may be required to obtain a stored-value facility (SVF) licence pursuant to the PSSVFO if it is issuing a facility that can store the value of money and giving an undertaking that the facility may be used to pay either the issuer or another person for goods or services. The 'undertaking' indicated earlier entails an obligation by the issuer to accept payment up to the value stored and available for use as per the facility's guidelines, or make payment to the receiver of that amount. It is important to note that the SVF licence also applies to 'facilitators', which are those who are not issuers and supply 'the issuer with valuable consideration the extent of which determines... how far the issuer may give an undertaking'. This could include, for example, offering some of the reserve in stablecoins.1
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