The Governor of the Bank of Lebanon, Karim Said, issued a basic circular bearing the number 6, relating to the conditions for establishing and practicing the work of banking institutions. Definitions and categories Exchange institutions: individual institutions or companies licensed by the Bank of Lebanon to buy, sell and exchange foreign currencies, carry out transfers and provide specified services. Category A: includes trading in currencies and precious metals, contracting as an agent with electronic payment service providers, marketing of prepaid cards, shipping of banknotes and precious metals (A1) and informal money transfer service - “hawala” (A2). Category B: Limited to currency trading, limited trading in precious metals (less than 1,000 grams), and contracting as an agent with electronic payment service providers. License and capital conditions Prior Licensing: Licensing is subject to the discretionary authority of the Central Council of the Bank of Lebanon in accordance with the criteria of eligibility and efficiency (Fit & Proper) and the record is free of money laundering, terrorism or sanctions. Minimum capital (cumulative): Class A:  25 billion Lebanese pounds. Service A1 (Money/Metals Shipping): Add 100 billion Lebanese pounds. Service A2 (remittance - IMTS): Adding 25 billion Lebanese pounds. Class B: 10 billion Lebanese pounds. The capital is deposited in a special frozen account and does not generate interest at the Bank of Lebanon. Legal form and ownership Ownership: At least two-thirds of the capital/shares must belong to Lebanese natural persons (preventing detours through intermediary companies). Management and Sole Proprietorships: Assuming management and establishing sole proprietorships is limited to Lebanese natural persons effectively and permanently residing in Lebanon. Transferring shares: Transferring shares or shares that lead to gaining 5% or more requires prior approval from the Central Council of the Bank of Lebanon. The most prominent prohibitions Carrying out any activity before obtaining a license and subscribing in full to the capital. Providing any banking services, loans, facilities, money management, or accepting deposits. Issuing or dealing in any way with virtual/encrypted assets (Crypto) without express permission. Create, develop or operate independent electronic applications. Deposit cash directly into customers' bank accounts or deliver defective/damaged currency.