The Monetary Authority of Singapore (MAS) published updates to its Guidelines on Licensing for Payment Service Providers [PS-G01] (the Guidelines), which will take effect on August 26, 2024. The revisions to the Guidelines...more
The Corporate Service Providers Bill (CSP Bill) and the Companies and Limited Liability Partnerships (Miscellaneous Amendments) Bill (CLLPMA Bill) were passed by the Parliament of Singapore on July 2, 2024. The CSP Bill seeks...more
Singapore’s Infocomm Media Development Authority (IMDA) launched the Model AI Governance Framework for Generative AI (Generative AI Framework) on 30 May 2024. The framework, developed by the IMDA and its wholly owned and...more
A list of companies considered critical to Singapore’s national security interests was published on May 31, 2024 in the nation’s e-Gazette. The list is tied to the Significant Investments Review Act 2024 (the Act), which sets...more
The Monetary Authority of Singapore recently published the second part of its response to the consultation paper proposing regulatory measures for providers of digital payment token services under the Payment Services Act...more
The new Significant Investments Review Bill was introduced by Singapore’s Ministry of Trade and Industry (MTI) to regulate significant investments, whether local or international, in entities that are critical to Singapore’s...more
The Monetary Authority of Singapore (MAS) intends to repeal the Registered Fund Management Companies (RFMCs) regime to streamline fund management regulations. Ahead of this substantial change, the MAS has launched a public...more
India enacted its new privacy law—the Digital Personal Data Protection Act, 2023 (DPDP Act) on August 11. Once in effect, the DPDP Act will replace the relevant provisions of the Information Technology Act, 2000, Information...more
The Monetary Authority of Singapore (MAS) has finalised its regulatory framework for stablecoins, taking into account and addressing feedback received from a public consultation in October 2022. Stablecoins are emerging as a...more
In the recent decision of ByBit Fintech Ltd v Ho Kai Xin and others [2023] SGHC 199, the Singapore High Court held that cryptocurrency is property capable of being held on trust. This decision marks the first time that the...more
The Singapore Parliament recently passed the Online Criminal Harms Act (OCHA), which targets online content or activity that is criminal in nature or used to facilitate or abet crimes.
The Online Criminal Harms Act (OCHA)...more
7/17/2023
/ Anti-Harassment Policies ,
Cyber Crimes ,
Cyber Policies ,
Cyberbullying ,
Cybersecurity Framework ,
Internet Privacy ,
OCHA ,
Online Platforms ,
Online Safety for Children ,
Regulatory Reform ,
Regulatory Requirements ,
Singapore
The Singapore High Court recently rejected Algorand Foundation’s application to liquidate Three Arrows Capital based on a claim of 53.5 million USD Coin (USDC)—a form of cryptocurrency also known as a stablecoin, designed to...more
Heading into 2023, Asia’s tech scene is well-positioned for strong growth potential. As with any industry where advancement and innovation are outpacing regulation, the complex landscape can be difficult for businesses to...more
11/1/2022
/ Asia ,
CFIUS ,
Data Privacy ,
Digital Assets ,
Due Diligence ,
Environmental Social & Governance (ESG) ,
FinTech ,
Mergers ,
Metaverse ,
National Security ,
Patent Litigation ,
Popular ,
Startups ,
Virtual Reality
The Singapore Court of Appeal held in a recent decision that while emotional distress constitutes “loss or damage” for which the right of private action can be brought under Section 48O(1) of the Personal Data Protection Act...more
The term “metaverse” first appeared in Neal Stephenson’s dystopian novel Snow Crash in 1992. Two decades later, the metaverse has evolved from a concept in print into an interactive and immersive reality. Its hyper-realistic...more
“Metaverse” is generally used to describe any virtual world where users can interact using digital avatars. There are seven layers to any metaverse: infrastructure, human interface, decentralization, spatial computing,...more
Singapore has become a popular destination for new and existing cryptocurrency funds, just in time for the perceived oncoming “crypto winter.” This LawFlash spotlights trends and legal issues that companies should be aware of...more
The Financial Services and Markets Bill 2022, the goal of which is to address risks and challenges that impact institutions across the financial sector, was recently moved for first reading in the Parliament of Singapore on...more
Two bills introduced for First Reading in the Singapore Parliament on 14 February aim to address the evolving landscape of gambling in Singapore. Specifically, the Gambling Regulatory Authority of Singapore Bill expands the...more
The Singapore Parliament recently passed the Corporate Registers (Miscellaneous Amendments) Act, which seeks to amend the Companies Act 1967 and the Limited Liability Partnerships Act 2005 to strengthen Singapore’s corporate...more
The Monetary Authority of Singapore (MAS) has issued new guidelines discouraging service providers of digital payment tokens (DPT), commonly known as cryptocurrencies, from promoting their services to the general public or...more
The Accounting and Corporate Regulatory Authority (ACRA) of Singapore is running a public consultation exercise from 17 December 2021 to 28 January 2022 to seek feedback from the public on proposed amendments to the Companies...more
This past year has seen widespread excitement about non-fungible tokens (NFTs), with a plethora of players ranging from newspaper agencies to celebrities releasing their own NFTs. NFTs can take the form of songs, tweets,...more
In a press release dated 12 July 2021, the Ministry of Home Affairs of Singapore (MHA) announced that it is seeking feedback from the public on certain proposed amendments to the existing gambling legislation. The proposed...more
A team of independent legal counsel issued a legal opinion (the Opinion) on 14 April on Directors’ Responsibilities and Climate Change under Singapore law, concluding that directors of corporations in Singapore are obliged to...more
4/23/2021
/ Breach of Duty ,
Business Strategies ,
Civil Liability ,
Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Criminal Liability ,
Disclosure Requirements ,
Environmental Policies ,
Environmental Social & Governance (ESG) ,
Publicly-Traded Companies ,
Singapore