Place of business of licensee
143.—(1) A licensee must not carry on a business of providing any type of digital token service unless the licensee has a permanent place of business.
(2) A licensee must appoint at least one person to be present, on such days and at such hours as the Authority may specify by written notice, at the licensee’s permanent place of business to respond to any queries related to anti‑money laundering or countering the financing of terrorism, or complaints from any digital token service user that uses any digital token service provided by the licensee or is a customer of the licensee.
(3) A licensee must keep, or cause to be kept, at the licensee’s permanent place of business, books of all the licensee’s transactions in relation to any digital token service provided by the licensee.
(4) A licensee must notify the Authority of any change in the address of any of the following places within 7 days after the date of that change:(a)
the licensee’s permanent place of business or registered office;
(b)
every other place of business of the licensee.
(5) A licensee that contravenes subsection (1), (2) or (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.
(6) A licensee that contravenes subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000.
Obligation of licensee to notify Authority of certain events
144.—(1) A licensee must notify the Authority of the occurrence of any of the following events as soon as practicable after that occurrence:(a)
any civil or criminal proceeding instituted against the licensee, whether in Singapore or elsewhere;
(b)
any event (including an irregularity in the operations of the licensee) that materially impedes or impairs the operations of the licensee;
(c)
the licensee being or becoming, or being likely to become, insolvent or unable to meet any of the licensee’s financial, statutory, contractual or other obligations;
(d)
any disciplinary action taken against the licensee by any regulatory authority (other than the Authority), whether in Singapore or elsewhere;
(e)
any significant change to the regulatory requirements imposed on the licensee by any regulatory authority (other than the Authority), whether in Singapore or elsewhere;
(f)
any other event that the Authority may prescribe or specify by written notice.
(2) A licensee must notify the Authority of the occurrence of any other event that the Authority may prescribe or specify by written notice within 14 days after the date of that occurrence.
(3) A person that contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000.
Obligation of licensee to provide information to Authority
145.—(1) Subject to subsection (4), the Authority may, by written notice, require any licensee, or any person acting on behalf of a licensee, to provide to the Authority, within such period as the Authority may specify in the notice, all such information relating to the licensee’s business of providing any digital token service as the Authority may specify in the notice.
(2) Without limiting subsection (1), the Authority may, in the notice under that subsection, require any person mentioned in that subsection to provide —(a)
information relating to any of the following matters:(i)
the operations of the licensee;
(ii)
the pricing of, or any other form of consideration for, any digital token service offered or provided by the licensee; and
(b)
such other information as the Authority may require for the purposes of this Part.
(3) Subject to subsection (4) —(a)
a requirement imposed by the Authority under this section has effect despite any obligation as to secrecy or other restrictions upon the disclosure of information imposed by any rule of law or contract; and
(b)
a person that complies with a requirement imposed by the Authority under this section is not to be treated as being in breach of any restriction on the disclosure of the information imposed by any rule of law or contract.
(4) Nothing in this section requires a person to disclose any information subject to legal privilege.
(5) A person that fails to comply with a notice under subsection (1) shall be guilty of an offence and shall be liable on conviction —(a)
in the case of an individual, to a fine not exceeding $12,500 or to imprisonment for a term not exceeding 12 months or to both and, in the case of a continuing offence, to a further fine not exceeding $1,250 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 $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.
Obligation of licensee to submit periodic reports
146.—(1) A licensee must submit to the Authority such reports or returns relating to the licensee’s business in such form, manner and frequency as the Authority may specify by written notice.
(2) A person that contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.
Prohibition from carrying on certain businesses
147.—(1) A licensee must not carry on a business of granting any credit facility to any individual in Singapore.
(2) A licensee that contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.
(3) In this section, “credit facility” means —(a)
any advance, loan or other facility that is granted by a licensee to a customer who is an individual, and that gives the customer access to any funds or financial guarantee provided by the licensee; or
(b)
any other liability that is incurred by a licensee on behalf of a customer who is an individual.
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
