Regulations for crypto funds

What are the circumstances where a crypto fund can be exempted from obtaining a license?


    1. If the cryptofund is set up as a Single Family Office. The MAS does not intend to license or regulate SFOs.
    2. If your cryptofund satisfies the exemption criteria under section 99(1)(h) of the Securities and Futures Act.

    Source: Simmons & Simmons, last revised on 13 Mar 2017

    According to the SFA

    Exemptions from requirement to hold capital markets services licence
    99.—(1) The following persons shall be exempted in respect of the following regulated activities from the requirement to hold a capital markets services licence to carry on business in such regulated activities:


    (a) any bank licensed under the Banking Act (Cap. 19) in respect of any regulated activity;
    (b) any merchant bank licensed under the Banking Act in respect of any regulated activity;
    (c) any finance company licensed under the Finance Companies Act (Cap. 108) in respect of any regulated activity that is not prohibited by that Act or for which an exemption from section 25(2) of that Act has been granted;
    (d) any company or co-operative society licensed under the Insurance Act (Cap. 142) in respect of fund management for the purpose of carrying out insurance business;
    (e) [Deleted by Act 1/2005]
    (f) any approved exchange, recognised market operator or approved holding company in respect of any regulated activity that is solely incidental to its operation of an organised market or to its performance as an approved holding company, as the case may be;
    (g) any approved clearing house or recognised clearing house in respect of any regulated activity that is solely incidental to its operation of a clearing facility; and
    (h) such other person or class of persons in respect of any regulated activity as may be exempted by the Authority.