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.
Our specific services include advice and guidance on:
- an appropriate legal entity in Singapore for conducting an ICO and assistance in incorporating the appropriate legal entity;
- applicable laws and regulations that may apply to the client’s payment and licensing, and content distribution systems;
- draft White Paper and business plan; including review and comments from a legal and regulatory perspective;
- whether the tokens to be issued in a proposed ICO constitute “capital markets products” or “securities” under Singapore law;
- road mapping the entire process of an ICO;
- procuring applicable licences or approvals from relevant Singapore regulatory authorities for launching the ICO and for the other business services intended to be conducted in Singapore;
- and/or preparation of agreements between the client’s company and placement agents; and other intermediaries and collaborators, where appropriate;
- complying with KYC procedure and anti-money laundering requirements under prevailing Singapore laws; and
- procuring tax advice from our associate tax specialist advisors.
Rankings Received From Professional and Commercial Publications In 2020
Payment Services Act 2019: MAS issues Guidelines on Licensing for Payment Service Providers and consults on the scope of E-money and Digital Payment Tokens
In this CNPupdate, find out more about the Payment Services Act 2019 (“PS Act”), which was passed by Parliament in January 2019 and will come into force on 28 January 2020.
The Blockchain, Cryptocurrency and Initial Coin Offerings (BCI) Team
Li Fei is “Recommended” by The Legal 500 Asia Pacific 2020 for Financial Services Regulator. In addition to Li Fei’s experience in acting for banks on varied transactions and in general corporate law, he also helps individuals in estate planning, including the legal aspects of wealth management, advising on and setting up trusts and off-shore structures to secure their future and the future of their families.
Mike is an Associate in the Blockchain, Cryptocurrency & Initial Coin Offerings (BCI) team. His areas of practice include corporate advisory, mergers & acquisitions (M&A) and general commercial law. Mike is rated as a “Notable practitioner” by IFLR1000 in 2019 and 2020. Mike is also “Recommended” by The Legal 500 Asia Pacific 2020 for Financial Services Regulatory and is mentioned as a “specialist in the fintech space”.