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广告。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.
