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.
