CNPUpdate - Issue 01 - April 2022

 

Contents
  1. Summary of MAS' Guidelines on Provision of Digital Payment Token Services to the Public

  2. NFTs - Part Three

  3. Omnibus 'unconstitutional' Law and what it means to investors

  4. Evolution of the ICO: a Singapore perspective

  5. What is a Conditional Fee Agreement?

  6. CNPLaw Business Guide Series: Singapore Budget 2022 - What your business needs to know


Summary of MAS' Guidelines on Provision of Digital Payment Token Services to the Public

On 17 January 2022, the Monetary Authority of Singapore ("MAS") issued a new set of guidelines titled "Guidelines on Provision of Digital Payment Token Services to the Public [PS-G02]" (the "Guidelines") setting out MAS's expectation that digital payment token service providers, (including payment institutions, banks and other financial institutions providing digital payment services, applicants for a payment institution licence under the Payment Services Act 2019 ("PS Act") and those currently operating under the transitional exemption ("DPT Service Providers") should not market or promote their cryptocurrency related services to the public, in particular, services related to digital payment tokens, commonly referred to as cryptocurrencies (collectively, "DPTs" and singularly "DPT") as defined under the PS Act ("DPT Services"). MAS stressed that DPT Service Providers should conduct themselves with the understanding that trading of DPTs "is not suitable for the general public".

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NFTs - Part Three

This is the third article in our series of articles on Non-Fungible tokens ("NFTS") following upon our previous two articles titled "Non-fungible tokens and their legal implications" published on 27 May 2021 and "Non-fungible tokens ("NFTs"): developments and legal issues" published on 5 August 2021. Our first article introduced some basic terminology, and highlighted key legal and regulatory issues relating to NFTs. Our second article provided a deeper dive into the fundamental distinctions between intellectual property rights and ownership for a holder of an NFT which in essence, is that ownership of an NFT may not necessarily convey the transfer of copyright ownership to the underlying asset (specifically a work of art) unless such transfer of copyright ownership is expressly included and embedded in the NFT's "smart contract" terms.

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Omnibus 'unconstitutional' Law and what it means to investors

Just one year after Law no.11 of 2020 on Job Creation (Omnibus Law) passed, the Indonesian Constitutional Court (the "Court") decided on 25 November 2021 that the Omnibus Law was "conditionally unconstitutional" on legislative procedural grounds. This ruling comes after much political pressure from activist groups and trade unions who have condemned the bill from the beginning. This is the first ruling of its kind. The Omnibus Law was intended to intensify Indonesia’s economic attractiveness to foreign investors.

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Evolution of the ICO: a Singapore perspective

Technology companies have come up with many innovative ways of to raise funds for their digital related projects. One such way would be to carry out an Initial Coin Offering ("ICO"). An ICO is a fundraising method in which a company with a native digital token to be used in relation to an underlying project would raise funds by launching a token offering of its native token.

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What is a Conditional Fee Agreement?

A conditional fee agreement allows the client to agree with their Singapore lawyer that their lawyer's fees shall be payable only upon certain milestones. It could also mean that the client enjoys a discounted rate until the client successfully recovers their claim amount.

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CNPLaw Business Guide Series: Singapore Budget 2022 - What your business needs to know

The Singapore Budget is prepared by the Singapore government for each financial year commencing on 1 April and ending on 31 March the following year. It includes the revised government revenue and expenditure projections for the current financial year, as well as the planned government revenue and expenditure for the upcoming financial year.

The latest Singapore Budget ("Budget 2022") was released on 18 February 2022. It is relevant to businesses looking for financial support from the Singapore government particularly in a post-pandemic world, and affects other aspects of doing business in Singapore including employment and tax regimes. This article summarises the key takeaways from Budget 2022 applicable to businesses in Singapore. The information in this article is provided as at the date of publication.

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News

Legal 500 Asia Pacific 2022 recommends CNPLaw LLP for seven practices and twelve of its lawyers

Chambers Asia-Pacific 2022 recognises CNPLaw LLP for its Investment Funds practice

CNPLaw LLP ranked in The Straits Times Singapore's Best Law Firms 2022 List


Deals

CNPLaw LLP acted for majority shareholders in their divestment of majority stake in Eagle Eye Centre Pte Ltd

CNPLaw LLP acted for D.A. Consortium Inc. in its investment in SELLinALL Pte. Ltd


Editor
Bill JAMIESON

Production team
Nicholas FONG
Jacqueline CHEOW
Menes STA ANA

Contributors
Hazel HO-TSASTSINA
Jimmy YAP
QUEK Li Fei
Venetia TAN
LIM Shu-Yi
LAI Zheng Yong
Sylvia KOH
YEO Tun Zen



Featured contributor


QUEK Li Fei
Partner
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