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諮詢服務。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產品和服務的開發的公司。公司我有嚴格的客戶選擇標準，並且只向發行令牌I的客戶提供服務，這些客戶只能用於交換客戶提供的產品或服務，而不允許令牌I持有人接收任何類型的付款。任何人。除了兌換客戶的產品和服務外，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產品的應用提供法律建議。此外，公司I不會就數字代幣產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產品提出任何建議。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，例如關於如何參與產品的提供，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管理的證券法適用於數字代幣提供諮詢服務方面
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下的資本市場產品，因為它只能用於兌換客戶的產品或服務。
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.
由於其諮詢服務與涉及證券，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.
由於公司I不向客戶或數字代幣產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適用於該案例
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.
令牌可能被視為PSB下的數字支付令牌，如果它是或者打算成為公眾或部分公眾接受的交換媒介，作為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，以及適用於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諮詢。
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管理的證券法適用於令牌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.
由於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是否為債券，J公司可能需要資本市場服務許可證才能在SFA下交易作為證券的資本市場產品，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.
由於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為1美元.K公司旨在通過將其價值與美元掛鉤來實現令牌K的相對穩定的價格。為此，K公司僅接受以美元電子存款形式向其美元計價的銀行帳戶支付代幣K.這些存款將作為法定貨幣儲備，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能夠用於支付購買費用。
Application of securities laws administered by MAS in relation to an offer of Token K
MAS管理的證券法適用於令牌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.
