Date Published: 27 August 2019
The team who advised on the transaction: Quek Li Fei and Mike Chiam.
CNPLaw LLP provided Singapore law legal advice to a client on the new Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act and the Payment Services Act 2019, in relation to the client’s planned issuance of an “asset-backed digital token” pegged to the price of gold.
CNPLaw’s Banking and Finance Lawyer
The lawyers from the Banking & Finance Practice Group (BFPG) have always taken pride in providing a comprehensive range of banking and finance services to our clients, including domestic and foreign international banks, other financial institutions as well as non-bank lenders and borrowers, and foreign legal firms acting for parties outside Singapore.
Our banking & finance practice covers the whole spectrum of domestic and international banking & financing work, including restructurings, financings and financial institutions advisory work. We can draw upon a broad base of partners, senior, mid-level and junior associates, all with strong and varied banking & finance product line and country experience.
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We have a particular passion and interest in blockchain technology applications, cryptocurrencies and ICOs. We currently advise issuers of tokens, ICO advisors, venture capital firms and entrepreneurs involved in this space on Singapore legal issues and regulatory compliance for a range of planned business activities, ranging from utilization of blockchain to enable business applications in diverse fields (including money remittance, solar energy, consumer rewards, structured social interaction; music and entertainment industry; holiday & leisure industry; employment marketplace, consumer rewards, crypto asset security applications); to setting up cryptocurrency exchanges and issue of tokens on proprietary platforms.
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