1、扩大Capital Markets Products类型范围

在share股权、debenture债权、CIS集合投资基础上增加了信托和衍生工具合约。

2.3.3 a unit in a business trust, where it confers or represents ownership interest in the trust property of a business trust;

2.3.3商业信托中的单位，它赋予或代表商业信托的信托财产的所有权权益;

2.3.4 a securities-based derivatives contract, which includes any derivatives contract of which, the underlying thing is a share, debenture or unit in a business trust; or

2.3.4以证券为基础的衍生工具合约，其中包括任何衍生工具合约，其相关资产为商业信托的股份，债权证或单位。

2、Money laundering and financing of terrorism concerns

反洗钱和资助恐怖主义问题

这是比较大的一个变化，重点强调了反洗钱和打击恐怖主义融资。

3.1 MAS emphasises that the relevant MAS Notice on Prevention of Money Laundering and Countering the Financing of Terrorism (“AML/CFT requirements”) will apply if the person is deemed to be an intermediary conducting one or more of the regulated activities identified in paragraphs 2.8 – 2.11 and is a:

3.1 MAS强调，MAS关于防止洗钱和打击恐怖主义融资的相关通知（“AML / CFT要求”）将如果该人被视为进行第2.8至2.11段所述的一项或多项受规管活动的中间人，则适用于：

3.1.1. holder of a capital markets services licence under the SFA;

3.1.1 根据SFA持有资本市场服务许可证;

3.1.2 fund management company35 registered under paragraph 5(1)(i) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations (Rg. 10) (“SF(LCB)R”);

3.1.2 根据“证券及期货（牌照及商业行为）规例”（第10号）（“SF（LCB）R”）附表2第5（1）（i）段注册的基金管理公司;

3.1.3 person exempted under paragraph(s) 3(1)(d), 3A(1)(d) and/or 7(1)(b) of the Second Schedule to the SF(LCB)R from the requirement to hold a capital markets services licence;

3.1.3 根据SF（LCB）R的要求，根据SF（LCB）R附表2第3（1）（d），3A（1）（d）和/或7（1）（b）段获豁免的人持有资本市场服务许可证;

3.1.4 licensed financial adviser under the FAA;

3.1.4 FAA下的持牌财务顾问;

3.1.5 registered insurance broker which is exempt under section 23(1)(c) of the FAA from holding a financial adviser’s licence to act as a financial adviser in Singapore in respect of any financial advisory service; or

3.1.5 根据FAA第23（1）（c）条获豁免的注册保险经纪人持有财务顾问牌照，以就任何财务顾问服务在新加坡担任财务顾问36;或者

3.1.6 person exempt under section 23(1)(f) of the FAA read with regulation 27(1)(d) of the Financial Advisers Regulations (Rg. 2) from holding a financial adviser’s licence to act as a financial adviser in Singapore in respect of any financial advisory service.

3.1.6 根据“财务顾问条例”（第2条）第27（1）（d）条的规定，根据“财务顾问条例”第23（1）（f）条获豁免持有财务顾问执照以担任财务顾问新加坡有关任何财务咨询服务。

3.2 Applicable AML/CFT requirements on such persons broadly include the following:

3.2 对此类人员适用的反洗钱/打击资助恐怖主义要求大致包括以下内容：

3.2.1 take appropriate steps to identify, assess and understand their money laundering and terrorism financing (ML/TF) risks;

3.2.1采取适当步骤，以识别，评估和了解他们的洗钱和恐怖主义融资（ML / TF）风险;

3.2.2 develop and implement policies, procedures and controls – including those in relation to the conduct of customer due diligence and transaction monitoring, screening, reporting suspicious transactions and record keeping – in accordance with the relevant MAS Notices, to enable them to effectively manage and mitigate the risks that have been identified;

3.2.2制定和实施政策，程序和控制 - 包括与客户尽职调查和交易监控，筛选，报告可疑交易和记录保存相关的政策，程序和控制 - 根据相关的MAS通知，使其能够有效管理并减轻已发现的风险;

3.2.3 perform enhanced measures where higher ML/TF risks are identified, to effectively manage and mitigate those higher risks; and

3.2.3在确定更高ML / TF风险的情况下执行增强措施，以有效管理和减轻这些更高风险;和

3.2.4 monitor the implementation of those policies, procedures and controls, and enhance them if necessary;

3.2.4监督这些政策，程序和控制的实施，并在必要时予以加强;

3.3 Digital tokens that perform functions which may not be within MAS’ regulatory purview may nonetheless be subject to other legislation for combating ML/TF. MAS would like to highlight in particular the following which all persons would have to abide by:

3.3执行可能不属于MAS监管范围的功能的数字代币可能仍然受制于其他立法以对抗ML / TF。 MAS希望特别强调所有人必须遵守的以下内容：

3.3.1 Obligations to report suspicious transactions with the Suspicious Transaction Reporting Office, Commercial Affairs Department of the Singapore Police Force pursuant to section 39 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Cap. 65A) (“CDSA”); and

3.3.1根据“反腐败，贩毒及其他重大犯罪（没收利益）法”（第65A章）第39条，向新加坡警察部门商业事务部可疑交易报告办公室报告可疑交易的义务（“ CDSA”）;和

3.3.2 Prohibitions from dealing with or providing financial services to designated individuals and entities pursuant to the Terrorism (Suppression of Financing) Act (Cap. 325) (“TSOFA”) and various regulations giving effect to United Nations Security Council Resolutions (“UN Regulations”).

3.3.2禁止根据“恐怖主义（制止融资）法”（第325章）（“TSOFA”）和实施联合国安理会决议的各项条例（“联合国”）向指定个人和实体提供或提供金融服务条例”）。

3.4 November 2018. A person carrying on a business of providing any service of dealing in digital payment tokens or any service of facilitating the exchange of digital payment tokens must be licensed and will be regulated under the PSB for AML/CFT purposes only and will be required to put in place policies, procedures and controls to address its ML/TF risks.

3.4 2018年11月，经营提供任何数字支付代币交易服务或促进数字支付代币交换服务的人必须获得许可，并且仅受PSB管制，仅用于反洗钱/打击资助计划，并且 要求制定政策，程序和控制措施以解决其ML / TF风险。

3、案例调整

案例一

However, Company A must abide by all Singapore laws, including the CDSA, the TSOFA and the UN Regulations, in the conduct of its business.

但是，A公司在开展业务时必须遵守所有新加坡法律，包括CDSA，TSOFA和联合国法规。

案例二

Company B will not require a capital markets services licence for dealing in capital markets products that are securities under the SFA if (a) it is not in the business of dealing in capital markets products that are securities or (b) it is in the business of dealing in capital markets products that are securities, but an applicable exemption applies. For example, if it is carrying on business in dealing in capital markets products that are securities for his own account through certain financial institutions regulated by MAS, such as a holder of capital markets services licence to deal in capital markets products that are securities.

如果（a）它不是在资本市场交易的产品是证券或（b）它在业务中，则B公司不会要求资本市场服务许可证来交易作为SFA证券的资本市场产品。 交易资本市场的产品是证券，但适用豁免适用。 例如，如果它通过某些受MAS监管的金融机构进行资本市场交易，从而为自己的账户进行证券交易，例如持有资本市场服务许可证以交易资本市场的证券产品。

案例二、三、四

Holders of a capital markets services licence that carry on business in dealing in tokens that are securities are required to comply with AML/CFT requirements under MAS Notice SFA04-N02.

资产市场服务许可证的持有人在交易作为证券的代币时经营业务，必须遵守MAS通告SFA04-N02下的反洗钱/打击资助恐怖主义要求。

案例五

Holders of a capital markets services licence are required to comply with AML/CFT requirements under MAS Notice SFA04-N02.

持有资本市场服务许可证的人必须遵守MAS通告SFA04-N02下的AML / CFT要求。

To provide financial advice to investors in relation to an offer of Token E by an Entity, Company E must be a licensed financial adviser unless otherwise exempted. 为向投资者提供有关实体提供令牌E的财务建议，公司E必须是持牌财务顾问，除非另有豁免。

Licensed financial advisors are required to comply with AML/CFT requirements under MAS Notice FAA-N06.

获得许可的财务顾问必须遵守MAS Notice FAA-N06的AML / CFT要求。

Company E is likely be operating an organised market in relation to the secondary trading of Token E. On this basis, Company E will have to be approved by MAS as an approved exchange or recognised by MAS as a recognised market operator under the SFA, unless otherwise exempted.

公司E可能正在经营有关Token E二级交易的有组织市场。在此基础上，E公司必须获得MAS批准作为经批准的交易所或被MAS认可为SFA下的公认市场运营商，除非 否则获得豁免。

4、增加案例

Case study 案例 / 7

Company G is incorporated and has its principal place of business in the United States of America. Company G intends to offer digital tokens (“Token G”) to any person globally, including in Singapore. Token G is governed by a Simple Agreement for Future Tokens (“SAFT”) and is an “investment contract” (and therefore constitute securities) under US laws (or the “Howey Test”40). Token G will be tradeable in the secondary market on an over-the-counter basis or on third party cryptocurrency exchanges.

G公司注册成立及主要营业地点位于美国。 G公司打算向全球任何人提供数字代币（“令牌G”），包括新加坡。令牌G受简单未来令牌协议（“SAFT”）管辖，并且是根据美国法律（或“Howey测试”40）的“投资合同”（因此构成证券）。令牌G可以在场外交易的二级市场或第三方加密货币交易所进行交易。

Application of securities laws administered by MAS in relation to an offer of Token G

MAS管理的证券法适用于令牌G的监管

The ability for a digital token to be traded on the secondary market alone does not result in a digital token being construed as capital markets products under the SFA.

仅在二级市场上交易数字代币的能力不会导致数字代币被解释为SFA下的资本市场产品。

The treatment of a token under the Howey Test is not a consideration for deciding whether a token is a product regulated under the SFA.

在Howey测试下对令牌的处理不是决定令牌是否是SFA规定的产品的考虑因素。

Company G must separately assess whether its offer of Token G in Singapore would comply with the securities laws administered by MAS despite its assessment of Token G under US laws.

G公司必须单独评估其新加坡令牌G的提议是否符合MAS管理的证券法，尽管根据美国法律对其进行了令牌G的评估。

Case study案例/ 8

Company H plans to build a decentralised platform to collect user data on consumer spending on various e-commerce websites. This forms an ecosystem where retailers rely on consumer behaviour data to execute targeted . To fund the development of the platform, Company H intends to raise funds from investors through an offering of digital tokens (“Token H”). Token H only gives rights to investors to vote on features of the platform. There are no other rights attached to Token H. Company H will also distribute Token H as rewards to investors for participating in surveys on consumer spending. The amount of Token H to be rewarded to an investor is based only on his or her usage and activity on the Platform, and not through further investment in the platform.

H公司计划建立一个分散的平台，收集各种电子商务网站上消费者支出的用户数据。这是一个生态系统，零售商依靠消费者行为数据来执行有针对性的。为了资助该平台的发展，H公司打算通过提供数字代币（“Token H”）从投资者那里筹集资金。令牌H仅授予投资者对平台功能进行投票的权利。 Token H没有其他权利.H公司H还将分发Token H作为参与消费者支出调查的投资者奖励。奖励给投资者的令牌H的数量仅基于他或她在平台上的使用和活动，而不是通过对平台的进一步投资。

Application of securities laws administered by MAS in relation to an offer of Token H MAS管理的证券法适用于令牌H的要约

Token H is not a share as it does not represent any legal or beneficial title in the shares of any company. As the rewards are distributed in proportionate to investor’s usage and activity on the platform, it does not represent a right to claim dividends or return on capital.

令牌H不是股票，因为它不代表任何公司股票的任何合法或有利的所有权。由于奖励的分配与投资者在平台上的使用和活动成比例，因此并不代表索取股息或资本回报的权利。

Token H is not a debenture as it does not create or acknowledge debt on the part of Company H.令牌H不是债券，因为它不会产生或承认公司H的债务。

Token H is not a unit in a CIS as there is no management of property by a manager (“Scheme Property”), and investors are rewarded based on their participation on the platform with new Token H and not profits, income or other payments or returns relating to Scheme Property. Token H also does not involve pooling of contributions, or income or profits from which payments are to be made to the investors.

令牌H不是独立国协的单位，因为经理没有管理财产（“计划财产”），投资者根据他们参与平台的新令牌H而不是利润，收入或其他付款或与Scheme Property有关的退货。令牌H也不涉及汇集捐款，或者向投资者支付的收入或利润。

As Token H does not constitute capital markets products under the SFA or an investment product under the FAA, the requirements under the SFA or the FAA will not apply to Company H’s offer of or dealings in Token H.

由于Token H不构成SFA下的资本市场产品或FAA下的投资产品，SFA或FAA下的要求将不适用于H公司对Token H的要约或交易。

That said, Company H must abide by all Singapore laws, including the CDSA, the TSOFA and the UN Regulations, in the conduct of its business. Company H may also wish to seek legal advice on the applicability of the Personal Data Protection Act 2012 (Act 26 of 2012) on its business model.

也就是说，H公司在开展业务时必须遵守所有新加坡法律，包括CDSA，TSOFA和联合国条例。 H公司还可能希望就2012年“个人数据保护法”（2012年第26号法案）对其业务模式的适用性寻求法律建议。

Case study 案例/9

Company I provides advisory services on the entire digital token offering process from pre-offering to post-offering. These services include reviewing whitepapers and suitability of concept and goals, introducing lawyers and developers, advising on token security protocol and post-offering delivery of tokens. Company I’s clients (“Clients”) are companies that raise funds by offering digital tokens (“Token I”) to support the development of the products and services that the Clients intend to offer. Company I has strict client selection criteria, and will only offer their services to Clients who issue Token I that can only be used in exchange for the products or services offered by the Clients without entitling the holder of Token I to receive payments of any kind from any person. Apart from redeeming the Client’s products and services, there are no other functions or rights attached to the Token I. Company I does not provide legal advice on the application of Singapore laws to the digital token offerings. In addition, Company I does not advise on the risks or suitability of the digital token offerings to investors or make any recommendations on which digital token offerings to invest. The services that Company I provide to investors of the digital tokens are operational in nature, such as conducting training and seminars on how to participate in the offerings, creation and encryption of wallets, token transfers etc.

公司I提供有关从预售到售后服务的整个数字令牌提供流程的咨询服务。这些服务包括审查白皮书，概念和目标的适用性，介绍律师和开发人员，提供令牌安全协议和后期提供令牌的建议。公司I的客户（“客户”）是通过提供数字代币（“Token I”）来筹集资金以支持客户打算提供的产品和服务的开发的公司。公司我有严格的客户选择标准，并且只向发行令牌I的客户提供服务，这些客户只能用于交换客户提供的产品或服务，而不允许令牌I持有人接收任何类型的付款。任何人。除了兑换客户的产品和服务外，令牌I没有其他功能或权利。公司我不会就新加坡法律对数字代币产品的应用提供法律建议。此外，公司I不会就数字代币产品的风险或适用性向投资者提供建议，也不会就投资哪些数字代币产品提出任何建议。我向公司提供给数字代币投资者的服务本质上是可操作的，例如关于如何参与产品的提供，创建和加密，令牌转移等的培训和研讨会。

Application of securities laws administered by MAS in relation to digital token offering advisory services

MAS管理的证券法适用于数字代币提供咨询服务方面

Token I is unlikely to constitute capital markets products under the SFA, as it can only be used to redeem the Clients’ products or services.

令牌I不太可能构成SFA下的资本市场产品，因为它只能用于兑换客户的产品或服务。

Company I is unlikely to be conducting the regulated activity of advising on corporate finance as its advisory services do not relate to the raising of funds involving securities, units in a CIS or specified securities-based derivatives contracts.

由于其咨询服务与涉及证券，独立国协单位或特定证券衍生品合约的融资无关，因此公司I不大可能进行有关企业融资的监管活动。

As Company I is not providing financial advice to the Clients or the investors of digital token offerings, the FAA will not apply.

由于公司I不向客户或数字代币产品的投资者提供财务建议，因此FAA将不适用。

That said, Company I must abide by all Singapore laws, including the CDSA, the TSOFA and the UN Regulations, in the conduct of its business.

也就是说，公司I在开展业务时必须遵守所有新加坡法律，包括CDSA，TSOFA和联合国法规。

Application of the proposed PSB

PSB适用于该案例

Token I may be considered a digital payment token under the PSB if it is, or is intended to be, a medium of exchange accepted by the public, or a section of the public, as payment for goods or services or for the discharge of a debt.

令牌可能被视为PSB下的数字支付令牌，如果它是或者打算成为公众或部分公众接受的交换媒介，作为货物或服务的支付或 债务。

If Token I is a digital payment token, then Company I may be carrying on a business of providing the service of dealing in digital payment tokens.

如果令牌I是数字支付令牌，则公司I可能正在进行提供数字支付令牌交易服务的业务。

Company I should consider whether its services are regulated under the PSB, and if so, to apply for a licence under the Payment Services Act when it commences. As the Bill has been published, it should consider the obligations under the Bill, as well as AML/CFT obligations that apply to digital payment token service providers which will be published for consultation.

公司应该考虑其服务是否受到公安局的监管，如果是的话，在开始时根据“支付服务法”申请许可。 在条例草案公布后，它应考虑条例草案所规定的义务，以及适用于数字支付代币服务供应商的反洗钱/打击资助恐怖主义义务，这些义务将公布以供咨询。

Case study案例/ 10

Company J plans to set up a platform that allows investors to invest in physical diamonds through the tokenisation of physical diamonds. Company J intends to offer digital tokens (“Token J”) in Singapore to raise funds to develop the platform. Token J will give holders the right to use the platform and to sell their Tokens J back to Company J at any time. Token J does not represent a right to physical diamonds or any other functions or rights other than the use of the platform. All unsold Tokens J will be destroyed.

J公司计划建立一个平台，允许投资者通过实物钻石的代币化投资实物钻石。 J公司打算在新加坡提供数字代币（“Token J”）以筹集资金来开发该平台。 Token J将授予持有者使用该平台的权利，并随时将其令牌J出售给J公司。令牌J不代表实体钻石的权利或除使用平台之外的任何其他功能或权利。所有未售出的代币J都将被销毁。

Application of securities laws administered by MAS in relation to an offer of Token J MAS管理的证券法适用于令牌J的监管

As Company J is under an obligation to buy-back Token J from the holders, Token J may constitute a debenture if Token J represents Company J’s indebtedness to the holder to pay back the holder a certain amount.

由于J公司有义务向持有人回购令牌J，如果令牌J代表公司J向持有人支付一定金额的债务，则令牌J可构成债券。

Depending on the business activities of Company J and whether Token J is a debenture, Company J may require a capital markets services licence for dealing in capital markets products that are securities under the SFA, unless otherwise exempted.

根据J公司的业务活动以及Token J是否为债券，J公司可能需要资本市场服务许可证才能在SFA下交易作为证券的资本市场产品，除非另有豁免。

Holders of a capital markets services license are required to comply with AML/CFT requirements under MAS Notice SFA04-N02.

持有资本市场服务许可证的人必须遵守MAS通告SFA04-N02下的AML / CFT要求。

As no financial advisory service will be provided by Company J in respect of Token J, the FAA will not apply in relation to the offer of Token J.

由于J公司不会就令牌J提供任何财务顾问服务，因此FAA将不会就令牌J的要约提出申请。

Case study案例/ 11

Company K intends to offer digital tokens (“Token K”) to any person globally, including in Singapore, for US$1 per Token K. Company K aims to achieve a relatively constant price for Token K by pegging its value to the US dollar. To do so, Company K will only accept payments for Tokens K in the form of electronic deposits of US dollars into its US-dollar denominated bank account. These deposits will serve as a fiat currency reserve to back the purported US$1 value of each Token K in circulation. Holders of Tokens K will have the right to exchange Tokens K with Company K for US$1 per Token K. Company K will not have any rights to cancel or redeem Token K from token holders. Company K may consider future tie-ups with retail shops to enable Token K to be used to pay for purchases.

K公司打算向全球任何人（包括新加坡）提供数字代币（“Token K”），每个Token K为1美元.K公司旨在通过将其价值与美元挂钩来实现令牌K的相对稳定的价格。为此，K公司仅接受以美元电子存款形式向其美元计价的银行账户支付代币K.这些存款将作为法定货币储备，以支持流通中每个令牌K的所谓1美元价值。 Tokens K的持有人将有权以每K（每K）1美元的价格与K公司交换代币K.K公司将无权从代币持有人处取消或兑换令牌K. K公司可能会考虑与零售商店的未来合作，以使Token K能够用于支付购买费用。

Application of securities laws administered by MAS in relation to an offer of Token K

MAS管理的证券法适用于令牌K的监管

As Company K is under an obligation to the buy-back of Token K from the holders, Token K may constitute a debenture if Token K represents Company K’s indebtedness to the holder to pay back the holder US$1 per Token K.

由于K公司有义务向持有人回购令牌K，如果令牌K代表公司K对持有人的债务，即每个令牌K还款1美元，则令牌K可构成债券。

Depending on the business activities of Company K and whether Token K is a debenture, Company K may require a capital markets services licence for dealing in capital markets products that are securities under the SFA, unless otherwise exempted. Holders of a capital markets services licence that carry on business in dealing in tokens that are capital markets products are required to comply with AML/CFT requirements under MAS Notice SFA04-N02.

根据K公司的业务活动以及Token K是否为债券，K公司可能需要资本市场服务许可证才能在SFA下交易作为证券的资本市场产品，除非另有豁免。资本市场服务许可证持有人在交易作为资本市场产品的代币时开展业务，必须遵守MAS通告SFA04-N02规定的AML / CFT要求。

Application of the proposed PSB

PSB适用于该案例

Token K may be considered “e-money” under the PSB. Company K should consider if Token K also meets the other elements of “e-money” as defined in the PSB, and whether it is carrying on a business of providing “e-money issuance service” as defined in the PSB. If Company K is carrying on a business providing e-money issuance services, it must be licensed under the PSB, unless excluded under the PSB.

令牌K可以被视为PSB下的“电子货币”。 K公司应该考虑Token K是否也符合PSB中定义的“电子货币”的其他要素，以及它是否正在开展提供PSB中定义的“电子货币发行服务”的业务。如果K公司经营提供电子货币发行服务的业务，则必须根据PSB获得许可，除非PSB将其排除在外。

Forwarded from Official Account

比特律