Singapore Regulations Applicable to Digital Asset Custody Businesses - Holland & Marie

15 AUGUST 2019 – HOLLAND & MARIE AND CNP LAW

SINGAPORE REGULATIONS APPLICABLE TO DIGITAL ASSET CUSTODY BUSINESSES

Under the Securities and Futures Act (“SFA”), “providing custodial services” is a regulated activity in relation to securities, specified securities-based derivatives contracts or units in a collective investment scheme (collectively, “specified products”). On the contrary, the Payment Services Act 2019 (the “PS Act”) does not inherently require a license for providing custodial services (assuming such term has the same definition as it has under the SFA) in relation to e-money or digital payment tokens (each as defined in the PS Act respectively). 

In this article, we will explore the licenses potentially required (if any) to operate a digital asset custody business in Singapore and the type(s) of custody business which may be unregulated under the PS Act.

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