Section 139 — Holding out as licensee

(1)A person must not hold himself, herself or itself out as a licensee, unless the person has in force a licence.

(2)An individual or a partnership must not hold himself, herself or itself (as the case may be) out as carrying on from a place in Singapore a business of providing any type of digital token service outside of Singapore, unless the individual or partnership is a licensee or exempt from section 137(1) under section 189.

(3)A Singapore corporation must not hold itself out as carrying on a business of providing digital token service outside of Singapore, unless it is a licensee or exempt from section 137(3) under section 189.

(4)Subsections (2) and (3) do not apply to any person mentioned in section 137(5).

(5)A person that contravenes subsection (1), (2) or (3) shall be guilty of an offence and shall be liable on conviction —

(a)in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction; or

(b)in any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.

(6)For the purposes of subsection (3), “Singapore corporation” has the meaning given by section 137(7).