Financial Services and Markets Bill 2022
Does the Financial Services and Markets Bill 2022 prohibit any types of activity?
Scope of FSM Bill The FSM Bill prohibits:
(a) an individual or a partnership from carrying on a business of providing any type of DT service outside Singapore, from a place of business in Singapore; and/or
(b) a Singapore corporation from carrying on a business, whether from Singapore or elsewhere, of providing any type of digital token service outside Singapore, without a licence issued under the FSM Bill.
However, taking into consideration the parallel regimes under the SFA, PS Act and FAA, the FSM Bill also provides for the following exemptions from licensing (subject to any regulations which may be prescribed by the MAS), for a person who carries on a business of providing a DT service:
(a) that is:
(i) required to be licensed, approved or recognised under the SFA; or
(ii) exempted from licensing, approval or recognition under the SFA, in respect of the carrying on of a business in a capital markets product regulated activity;
(b) that is:
(i) required to be licensed under the FAA; or
(ii) exempted from licensing under the FAA, in respect of the carrying on of a business of providing a financial advisory service; or
(c) that is:
(i) required to be licensed under the PS Act; or
(ii) exempted from licensing under the PS Act, in respect of the carrying on of a business of providing any digital payment token service.