diff --git a/rs/boundary_node/rate_limits/api/src/lib.rs b/rs/boundary_node/rate_limits/api/src/lib.rs
index c0753cf8cb5d..3f5e5181fb55 100644
--- a/rs/boundary_node/rate_limits/api/src/lib.rs
+++ b/rs/boundary_node/rate_limits/api/src/lib.rs
@@ -26,3 +26,8 @@ pub struct OutputRule {
     pub description: Option<String>,
     pub disclosed_at: Option<Timestamp>,
 }
+
+#[derive(CandidType, Deserialize, Debug)]
+pub struct InitArg {
+    registry_polling_period_secs: u64,
+}
diff --git a/rs/boundary_node/rate_limits/canister/canister.rs b/rs/boundary_node/rate_limits/canister/canister.rs
index 6330bc38f7fe..a06129193283 100644
--- a/rs/boundary_node/rate_limits/canister/canister.rs
+++ b/rs/boundary_node/rate_limits/canister/canister.rs
@@ -1,20 +1,22 @@
-use rate_limits_api::{GetConfigResponse, Version};
-use storage::VERSION;
+use rate_limits_api::{GetConfigResponse, InitArg, Version};
+use storage::{get_stable_version, set_stable_version};
 use types::{ConfigResponse, OutputConfig};
 mod storage;
 mod types;
 
+#[ic_cdk::init]
+fn init(_init_arg: InitArg) {
+    // Initialize version to 1
+    set_stable_version(1);
+    // TODO: init periodic timer for fetching API BNs principals.
+}
+
 #[ic_cdk_macros::update]
-fn get_config(version: Option<Version>) -> GetConfigResponse {
-    let test_version_inc = VERSION.with(|v| {
-        let mut ver = v.borrow_mut();
-        let current_version = ver.get(&()).unwrap_or(0);
-        ver.insert((), current_version + 1);
-        current_version
-    });
+fn get_config(_version: Option<Version>) -> GetConfigResponse {
+    let version = get_stable_version();
 
     let response = ConfigResponse {
-        version: version.unwrap_or(test_version_inc),
+        version,
         active_since: 1,
         config: OutputConfig { rules: vec![] },
     };
diff --git a/rs/boundary_node/rate_limits/canister/storage.rs b/rs/boundary_node/rate_limits/canister/storage.rs
index dc6eba38ecc5..b6c556caf025 100644
--- a/rs/boundary_node/rate_limits/canister/storage.rs
+++ b/rs/boundary_node/rate_limits/canister/storage.rs
@@ -1,31 +1,182 @@
-use std::cell::RefCell;
+use std::{borrow::Cow, cell::RefCell};
 
 use ic_stable_structures::{
     memory_manager::{MemoryId, MemoryManager, VirtualMemory},
-    DefaultMemoryImpl, StableBTreeMap,
+    storable::Bound,
+    DefaultMemoryImpl, StableBTreeMap, Storable,
 };
+use serde::{Deserialize, Serialize};
 
-use crate::types::Version;
+use crate::types::{RuleId, Timestamp, Version};
 
-// Stable Memory
+// Type aliases for stable memory
 type Memory = VirtualMemory<DefaultMemoryImpl>;
 
 type StableMap<K, V> = StableBTreeMap<K, V, Memory>;
-type _StableSet<T> = StableMap<T, ()>;
 type StableValue<T> = StableMap<(), T>;
 
+// Memory IDs for stable memory management
 const MEMORY_ID_VERSION: u8 = 0;
+const _MEMORY_ID_CONFIGS: u8 = 1;
+const _MEMORY_ID_RULES: u8 = 2;
+const _MEMORY_ID_INCIDENTS: u8 = 3;
 
-// Memory
+// Storables
+#[derive(Clone, Serialize, Deserialize, PartialOrd, Ord, PartialEq, Eq)]
+pub struct StorableVersion(pub Version);
+
+#[derive(Clone, Serialize, Deserialize, PartialOrd, Ord, PartialEq, Eq)]
+pub struct StorableRuleId(pub String);
+
+#[derive(Clone, Serialize, Deserialize, PartialOrd, Ord, PartialEq, Eq)]
+pub struct StorableIncidentId(String);
+
+#[derive(Serialize, Deserialize)]
+pub struct StorableRuleMetadata {
+    pub rule_raw: Vec<u8>,
+    pub description: String,
+    pub disclosed_at: Option<Timestamp>,
+    pub added_in_version: Version,
+    pub removed_in_version: Option<Version>,
+}
+
+#[derive(Serialize, Deserialize)]
+struct StorableConfig {
+    active_since: Timestamp,
+    rule_ids: Vec<RuleId>,
+}
+
+#[derive(Serialize, Deserialize)]
+pub struct StorableRuleIds {
+    rule_ids: Vec<RuleId>,
+}
+
+impl Storable for StorableVersion {
+    fn to_bytes(&self) -> Cow<[u8]> {
+        self.0.to_bytes()
+    }
+
+    fn from_bytes(bytes: Cow<'_, [u8]>) -> Self {
+        Self(u64::from_bytes(bytes))
+    }
+
+    const BOUND: Bound = <Version as Storable>::BOUND;
+}
+
+impl Storable for StorableRuleId {
+    fn to_bytes(&self) -> Cow<[u8]> {
+        self.0.to_bytes()
+    }
+
+    fn from_bytes(bytes: Cow<'_, [u8]>) -> Self {
+        Self(String::from_bytes(bytes))
+    }
+
+    // TODO: make it bounded
+    const BOUND: Bound = Bound::Unbounded;
+}
+
+impl Storable for StorableIncidentId {
+    fn to_bytes(&self) -> Cow<[u8]> {
+        self.0.to_bytes()
+    }
+
+    fn from_bytes(bytes: Cow<'_, [u8]>) -> Self {
+        Self(String::from_bytes(bytes))
+    }
+
+    // TODO: make it bounded
+    const BOUND: Bound = Bound::Unbounded;
+}
+
+impl Storable for StorableConfig {
+    fn to_bytes(&self) -> Cow<[u8]> {
+        let mut buf = vec![];
+        ciborium::ser::into_writer(self, &mut buf).expect("failed to encode StorableConfig");
+        Cow::Owned(buf)
+    }
+
+    fn from_bytes(bytes: Cow<'_, [u8]>) -> Self {
+        ciborium::de::from_reader(&bytes[..]).expect("failed to decode StorableConfig")
+    }
+
+    // TODO: make it bounded
+    const BOUND: Bound = Bound::Unbounded;
+}
+
+impl Storable for StorableRuleIds {
+    fn to_bytes(&self) -> Cow<[u8]> {
+        let mut buf = vec![];
+        ciborium::ser::into_writer(self, &mut buf).expect("failed to encode StorableRuleIds");
+        Cow::Owned(buf)
+    }
+
+    fn from_bytes(bytes: Cow<'_, [u8]>) -> Self {
+        ciborium::de::from_reader(&bytes[..]).expect("failed to decode StorableRuleIds")
+    }
+
+    // TODO: make it bounded
+    const BOUND: Bound = Bound::Unbounded;
+}
+
+impl Storable for StorableRuleMetadata {
+    fn to_bytes(&self) -> Cow<[u8]> {
+        let mut buf = vec![];
+        ciborium::ser::into_writer(self, &mut buf).expect("failed to encode StorableRuleMetadata");
+        Cow::Owned(buf)
+    }
+
+    fn from_bytes(bytes: Cow<'_, [u8]>) -> Self {
+        ciborium::de::from_reader(&bytes[..]).expect("failed to decode StorableRuleMetadata")
+    }
+
+    // TODO: make it bounded
+    const BOUND: Bound = Bound::Unbounded;
+}
+
+pub fn set_stable_version(version: Version) {
+    VERSION.with(|v| {
+        let mut v = v.borrow_mut();
+        v.insert((), StorableVersion(version));
+    });
+}
+
+pub fn get_stable_version() -> Version {
+    let version = VERSION.with(|v| {
+        let v = v.borrow();
+        v.get(&()).expect("failed to get version")
+    });
+    version.0
+}
+
+// Declare storage, initialized lazily
 thread_local! {
     static MEMORY_MANAGER: RefCell<MemoryManager<DefaultMemoryImpl>> =
         RefCell::new(MemoryManager::init(DefaultMemoryImpl::default()));
 }
 
 thread_local! {
-    pub static VERSION: RefCell<StableValue<Version>> = RefCell::new(
+    pub static VERSION: RefCell<StableValue<StorableVersion>> = RefCell::new(
         StableValue::init(
             MEMORY_MANAGER.with(|m| m.borrow().get(MemoryId::new(MEMORY_ID_VERSION))),
         )
     );
+
+    pub static CONFIGS: RefCell<StableMap<StorableVersion, StorableConfig>> = RefCell::new(
+        StableMap::init(
+            MEMORY_MANAGER.with(|m| m.borrow().get(MemoryId::new(_MEMORY_ID_CONFIGS))),
+        )
+    );
+
+    pub static RULES: RefCell<StableMap<StorableRuleId, StorableRuleMetadata>> = RefCell::new(
+        StableMap::init(
+            MEMORY_MANAGER.with(|m| m.borrow().get(MemoryId::new(_MEMORY_ID_RULES))),
+        )
+    );
+
+    pub static INCIDENTS: RefCell<StableMap<StorableIncidentId, StorableRuleIds>> = RefCell::new(
+        StableMap::init(
+            MEMORY_MANAGER.with(|m| m.borrow().get(MemoryId::new(_MEMORY_ID_INCIDENTS))),
+        )
+    );
 }