1. (a) An application for a license under this chapter must do all of the following:

   1. (1) Be made in a form and medium prescribed by the Commissioner.

   2. (2) Include the following information:

      1. a. The legal name of the applicant, each current or proposed business address, and any fictitious or trade name used or planned for use in this State.
      2. b. The legal name, any former or fictitious name, and the residential and business address of each executive officer, director, and any person that has control of the applicant.
      3. c. A description of the applicant’s current and former business for the 5 years preceding the application, including its products and services, website addresses, projected user base, and specific marketing targets.
      4. d. A list of each money-service or money-transmitter licenses the applicant holds in another state, the date each expires, and any disciplinary history in any other jurisdiction.
      5. e. A list of any criminal conviction, deferred prosecution agreement, or pending criminal proceeding in any jurisdiction against the applicant, any executive officer, any director, any responsible individual, and any person with control over or under the applicant.
      6. f. The source and sufficiency of funds to conduct regulated activity in compliance with § 3522 of this title.
      7. g. Whether the applicant is registered with the Financial Crimes Enforcement Network as a money services business.

      8. h. A description of the applicant’s following information:

         1. 1. Custody structure, including segregation or omnibus custody.
         2. 2. Private key management and security architecture.
         3. 3. Reserve asset composition, verification methodology, and custodians.
         4. 4. Redemption procedures and policies.
         5. 5. Anti-money laundering and sanctions compliance program.
         6. 6. Business continuity and disaster recovery plans specific to digital asset operations.
      9. i. A set of fingerprints for each executive officer and director.
      10. j. Cybersecurity and smart contract audit by a qualified independent auditor.
      11. k. Any other information as the Commissioner requires by regulation.
   3. (3) Be accompanied by a nonrefundable application fee in an amount established by the Commissioner by regulation.
   4. (4) Be accompanied by evidence that the applicant has or will have, upon issuance of the license, the minimum net worth and reserve assets required under § 3522 of this title.
2. (b) For good cause, the Commissioner may waive a requirement of subsection (a) of this section or permit an applicant to submit other information in lieu of a required item.
3. (c) An application is not complete until the Commissioner has received all required information and completed its investigation under subsection (d) of this section.

4. (d) Upon receipt of a complete application, the Commissioner shall investigate any of the following:

   1. (1) The financial condition and responsibility of the applicant.
   2. (2) The relevant financial and business experience, character, and general fitness of the applicant.
   3. (3) The competence, experience, character, and general fitness of each executive officer, director, and any person with control of the applicant.
5. (e) Not later than 120 days after an application is complete, the Commissioner shall notify the applicant of the Commissioner’s decision to approve, conditionally approve, or deny the application. If the Commissioner does not act within 120 days of the completed application, the application is deemed denied, except the Commissioner may extend this period by an additional 60 days upon written notice to the applicant for good cause shown. An applicant whose application is deemed denied under this subsection may immediately resubmit the application, which must be treated as a new complete application for purposes of this subsection.
6. (f) An applicant shall pay the reasonable costs of the Commissioner’s investigation under this section.

7. (g) A license takes effect on the later of the following:

   1. (1) The date the Commissioner issues the license.
   2. (2) The date the licensed person provides the security required by § 3522 of this title.

85 Del. Laws, c. 339, § 1