如果（a）它不是在資本市場交易的產品是證券或（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為SFA證券的資本市場產品。 交易資本市場的產品是證券，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，從而為自己的帳戶進行證券交易，例如持有資本市場服務許可證以交易資本市場的證券產品。
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.
資產市場服務許可證的持有人在交易作為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. 為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批准作為經批准的交易所或被MAS認可為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公司註冊成立及主要營業地點位於美國。 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管理的證券法適用於令牌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為SFA下的資本市場產品。
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規定的產品的考慮因素。
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，儘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為數據來執行有針對性的廣告。為了資助該平台的發展，H公司打算通過提供數字代幣（「Token H」）從投資者那裡籌集資金。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作為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的數量僅基於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管理的證券法適用於令牌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，因為它不代表任何公司股票的任何合法或有利的所有權。由於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，因為它不會產生或承認公司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，因為經理沒有管理財產（「計劃財產」），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.
由於Token H不構成SFA下的資本市場產品或FAA下的投資產品，SFA或FAA下的要求將不適用於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.
