1、擴大Capital Markets Products類型範圍
在share股權、debenture債權、CIS集合投資基礎上增加了信托和衍生工具合約。
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商業信托中的單位，它賦予或代表商業信托的信托財産的所有權權益;
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以證券爲基礎的衍生工具合約，其中包括任何衍生工具合約，其相關資産爲商業信托的股份，債權證或單位。
2、Money laundering and financing of terrorism concerns
反洗錢和資助恐怖主義問題
這是比較大的一個變化，重點強調了反洗錢和打擊恐怖主義融資。
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強調，MAS關于防止洗錢和打擊恐怖主義融資的相關通知（“AML / CFT要求”）將如果該人被視爲進行第2.8至2.11段所述的一項或多項受規管活動的中間人，則適用于：
3.1.1. holder of a capital markets services licence under the SFA;
3.1.1 根據SFA持有資本市場服務許可證;
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 根據“證券及期貨（牌照及商業行爲）規例”（第10號）（“SF（LCB）R”）附表2第5（1）（i）段注冊的基金管理公司;
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 根據SF（LCB）R的要求，根據SF（LCB）R附表2第3（1）（d），3A（1）（d）和/或7（1）（b）段獲豁免的人持有資本市場服務許可證;
3.1.4 licensed financial adviser under the FAA;
3.1.4 FAA下的持牌財務顧問;
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 根據FAA第23（1）（c）條獲豁免的注冊保險經紀人持有財務顧問牌照，以就任何財務顧問服務在新加坡擔任財務顧問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 根據“財務顧問條例”（第2條）第27（1）（d）條的規定，根據“財務顧問條例”第23（1）（f）條獲豁免持有財務顧問執照以擔任財務顧問新加坡有關任何財務咨詢服務。
3.2 Applicable AML/CFT requirements on such persons broadly include the following:
3.2 對此類人員適用的反洗錢/打擊資助恐怖主義要求大致包括以下內容：
3.2.1 take appropriate steps to identify, assess and understand their money laundering and terrorism financing (ML/TF) risks;
3.2.1采取適當步驟，以識別，評估和了解他們的洗錢和恐怖主義融資（ML / TF）風險;
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制定和實施政策，程序和控制 – 包括與客戶盡職調查和交易監控，篩選，報告可疑交易和記錄保存相關的政策，程序和控制 – 根據相關的MAS通知，使其能夠有效管理並減輕已發現的風險;
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在確定更高ML / TF風險的情況下執行增強措施，以有效管理和減輕這些更高風險;和
3.2.4 monitor the implementation of those policies, procedures and controls, and enhance them if necessary;
3.2.4監督這些政策，程序和控制的實施，並在必要時予以加強;
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執行可能不屬于MAS監管範圍的功能的數字代幣可能仍然受制于其他立法以對抗ML / TF。 MAS希望特別強調所有人必須遵守的以下內容：
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根據“反腐敗，販毒及其他重大犯罪（沒收利益）法”（第65A章）第39條，向新加坡警察部門商業事務部可疑交易報告辦公室報告可疑交易的義務（“ 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禁止根據“恐怖主義（制止融資）法”（第325章）（“TSOFA”）和實施聯合國安理會決議的各項條例（“聯合國”）向指定個人和實體提供或提供金融服務條例”）。
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，經營提供任何數字支付代幣交易服務或促進數字支付代幣交換服務的人必須獲得許可，並且僅受PSB管制，僅用于反洗錢/打擊資助計劃，並且 要求制定政策，程序和控制措施以解決其ML / TF風險。
3、案例調整
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公司在開展業務時必須遵守所有新加坡法律，包括CDSA，TSOFA和聯合國法規。
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）它不是在資本市場交易的産品是證券或（b）它在業務中，則B公司不會要求資本市場服務許可證來交易作爲SFA證券的資本市場産品。 交易資本市場的産品是證券，但適用豁免適用。 例如，如果它通過某些受MAS監管的金融機構進行資本市場交易，從而爲自己的賬戶進行證券交易，例如持有資本市場服務許可證以交易資本市場的證券産品。
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.
資産市場服務許可證的持有人在交易作爲證券的代幣時經營業務，必須遵守MAS通告SFA04-N02下的反洗錢/打擊資助恐怖主義要求。
案例五
Holders of a capital markets services licence are required to comply with AML/CFT requirements under MAS Notice SFA04-N02.
持有資本市場服務許可證的人必須遵守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. 爲向投資者提供有關實體提供令牌E的財務建議，公司E必須是持牌財務顧問，除非另有豁免。
Licensed financial advisors are required to comply with AML/CFT requirements under MAS Notice FAA-N06.
獲得許可的財務顧問必須遵守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可能正在經營有關Token E二級交易的有組織市場。在此基礎上，E公司必須獲得MAS批准作爲經批准的交易所或被MAS認可爲SFA下的公認市場運營商，除非 否則獲得豁免。
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公司注冊成立及主要營業地點位于美國。 G公司打算向全球任何人提供數字代幣（“令牌G”），包括新加坡。令牌G受簡單未來令牌協議（“SAFT”）管轄，並且是根據美國法律（或“Howey測試”40）的“投資合同”（因此構成證券）。令牌G可以在場外交易的二級市場或第三方加密貨幣交易所進行交易。
Application of securities laws administered by MAS in relation to an offer of Token G
MAS管理的證券法適用于令牌G的監管
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.
僅在二級市場上交易數字代幣的能力不會導致數字代幣被解釋爲SFA下的資本市場産品。
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測試下對令牌的處理不是決定令牌是否是SFA規定的産品的考慮因素。
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公司必須單獨評估其新加坡令牌G的提議是否符合MAS管理的證券法，盡管根據美國法律對其進行了令牌G的評估。
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公司計劃建立一個分散的平台，收集各種電子商務網站上消費者支出的用戶數據。這是一個生態系統，零售商依靠消費者行爲數據來執行有針對性的。爲了資助該平台的發展，H公司打算通過提供數字代幣（“Token H”）從投資者那裏籌集資金。令牌H僅授予投資者對平台功能進行投票的權利。 Token H沒有其他權利.H公司H還將分發Token H作爲參與消費者支出調查的投資者獎勵。獎勵給投資者的令牌H的數量僅基于他或她在平台上的使用和活動，而不是通過對平台的進一步投資。
Application of securities laws administered by MAS in relation to an offer of Token H MAS管理的證券法適用于令牌H的要約
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，因爲它不代表任何公司股票的任何合法或有利的所有權。由于獎勵的分配與投資者在平台上的使用和活動成比例，因此並不代表索取股息或資本回報的權利。
Token H is not a debenture as it does not create or acknowledge debt on the part of Company H.令牌H不是債券，因爲它不會産生或承認公司H的債務。
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不是獨立國協的單位，因爲經理沒有管理財産（“計劃財産”），投資者根據他們參與平台的新令牌H而不是利潤，收入或其他付款或與Scheme Property有關的退貨。令牌H也不涉及彙集捐款，或者向投資者支付的收入或利潤。
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不構成SFA下的資本市場産品或FAA下的投資産品，SFA或FAA下的要求將不適用于H公司對Token H的要約或交易。
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.
也就是說，H公司在開展業務時必須遵守所有新加坡法律，包括CDSA，TSOFA和聯合國條例。 H公司還可能希望就2012年“個人數據保護法”（2012年第26號法案）對其業務模式的適用性尋求法律建議。
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提供有關從預售到售後服務的整個數字令牌提供流程的咨詢服務。這些服務包括審查白皮書，概念和目標的適用性，介紹律師和開發人員，提供令牌安全協議和後期提供令牌的建議。公司I的客戶（“客戶”）是通過提供數字代幣（“Token I”）來籌集資金以支持客戶打算提供的産品和服務的開發的公司。公司我有嚴格的客戶選擇標准，並且只向發行令牌I的客戶提供服務，這些客戶只能用于交換客戶提供的産品或服務，而不允許令牌I持有人接收任何類型的付款。任何人。除了兌換客戶的産品和服務外，令牌I沒有其他功能或權利。公司我不會就新加坡法律對數字代幣産品的應用提供法律建議。此外，公司I不會就數字代幣産品的風險或適用性向投資者提供建議，也不會就投資哪些數字代幣産品提出任何建議。我向公司提供給數字代幣投資者的服務本質上是可操作的，例如關于如何參與産品的提供，創建和加密，令牌轉移等的培訓和研討會。
Application of securities laws administered by MAS in relation to digital token offering advisory services
MAS管理的證券法適用于數字代幣提供咨詢服務方面
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不太可能構成SFA下的資本市場産品，因爲它只能用于兌換客戶的産品或服務。
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.
由于其咨詢服務與涉及證券，獨立國協單位或特定證券衍生品合約的融資無關，因此公司I不大可能進行有關企業融資的監管活動。
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不向客戶或數字代幣産品的投資者提供財務建議，因此FAA將不適用。
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.
也就是說，公司I在開展業務時必須遵守所有新加坡法律，包括CDSA，TSOFA和聯合國法規。
Application of the proposed PSB
PSB適用于該案例
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.
令牌可能被視爲PSB下的數字支付令牌，如果它是或者打算成爲公衆或部分公衆接受的交換媒介，作爲貨物或服務的支付或 債務。
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是數字支付令牌，則公司I可能正在進行提供數字支付令牌交易服務的業務。
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.
公司應該考慮其服務是否受到公安局的監管，如果是的話，在開始時根據“支付服務法”申請許可。 在條例草案公布後，它應考慮條例草案所規定的義務，以及適用于數字支付代幣服務供應商的反洗錢/打擊資助恐怖主義義務，這些義務將公布以供咨詢。
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公司計劃建立一個平台，允許投資者通過實物鑽石的代幣化投資實物鑽石。 J公司打算在新加坡提供數字代幣（“Token J”）以籌集資金來開發該平台。 Token J將授予持有者使用該平台的權利，並隨時將其令牌J出售給J公司。令牌J不代表實體鑽石的權利或除使用平台之外的任何其他功能或權利。所有未售出的代幣J都將被銷毀。
Application of securities laws administered by MAS in relation to an offer of Token J MAS管理的證券法適用于令牌J的監管
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公司有義務向持有人回購令牌J，如果令牌J代表公司J向持有人支付一定金額的債務，則令牌J可構成債券。
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.
根據J公司的業務活動以及Token J是否爲債券，J公司可能需要資本市場服務許可證才能在SFA下交易作爲證券的資本市場産品，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.
持有資本市場服務許可證的人必須遵守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公司不會就令牌J提供任何財務顧問服務，因此FAA將不會就令牌J的要約提出申請。
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）提供數字代幣（“Token K”），每個Token K爲1美元.K公司旨在通過將其價值與美元挂鈎來實現令牌K的相對穩定的價格。爲此，K公司僅接受以美元電子存款形式向其美元計價的銀行賬戶支付代幣K.這些存款將作爲法定貨幣儲備，以支持流通中每個令牌K的所謂1美元價值。 Tokens K的持有人將有權以每K（每K）1美元的價格與K公司交換代幣K.K公司將無權從代幣持有人處取消或兌換令牌K. K公司可能會考慮與零售商店的未來合作，以使Token K能夠用于支付購買費用。
Application of securities laws administered by MAS in relation to an offer of Token K
MAS管理的證券法適用于令牌K的監管
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公司有義務向持有人回購令牌K，如果令牌K代表公司K對持有人的債務，即每個令牌K還款1美元，則令牌K可構成債券。
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.
根據K公司的業務活動以及Token K是否爲債券，K公司可能需要資本市場服務許可證才能在SFA下交易作爲證券的資本市場産品，除非另有豁免。資本市場服務許可證持有人在交易作爲資本市場産品的代幣時開展業務，必須遵守MAS通告SFA04-N02規定的AML / CFT要求。
Application of the proposed PSB
PSB適用于該案例
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可以被視爲PSB下的“電子貨幣”。 K公司應該考慮Token K是否也符合PSB中定義的“電子貨幣”的其他要素，以及它是否正在開展提供PSB中定義的“電子貨幣發行服務”的業務。如果K公司經營提供電子貨幣發行服務的業務，則必須根據PSB獲得許可，除非PSB將其排除在外。
Forwarded from Official Account
比特律
