What are “Digital Tokens”?
- DPTs as defined under the PS Act
- Digital representations of CMPs as defined under the SFA
- Not other tokens (“Providers of services in relation to other tokens, such as those only used as utility and governance tokens, are not subject to licensing or regulation under the new regime, and hence are not impacted.”）
What are DT Services?
- Activities already covered under the PS Act
- Activities already covered under the SFA and FAA
- Advisory services relating to the offer or sale of DTs which are CMPs, already covered by the FAA
- Advisory services relating to the offer or sale of DTs which are DPTs
What are (not) DT Services?
- Technical Service Exemption
“(a) any service provided by any technical service provider that supports the provision of any digital token service, but that does not at any time enter into possession of any money or digital token under that digital token service, such as –
(i) the service of processing and storing data;
(ii) any information technology security, trust or privacy protection service;
(iii) any data and entity authentication service;
(iv) any information technology service;
(v) the service of providing a communication network; and
(vi) the service of providing and maintaining any terminal or device used for any digital token service;
(b) any digital token service that is provided, in respect of any central bank digital token, by any central bank or financial institution;
(c) any digital payment token service that is provided in respect of any limited purpose digital payment token.”
Who is covered?
- an individual or a partnership … from a place of business in Singapore
- a Singapore corporation … [from a place of business in ] … Singapore or elsewhere
- a “Singapore corporation” is defined as a “a body corporate formed or incorporated in Singapore and includes a limited liability partnership
Who is (not) covered?
- Employees of foreign corporations
- Companies already licensed for DPT services under the PS Act, or for CMPs under the SFA
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