Monetary Authority of Singapore’s Proposed Measures to Regulate DPTSPs and Enhance Customer Protection

By Leon Yee and Yeo Ming Ze

I.              Introduction

The Monetary Authority of Singapore (“MAS”) published the “Response to Feedback Received on Proposed Regulatory Measures for Digital Payment Token Services (Part 1)” (“MAS’ Response to the October 2022 Consultation Paper”) on 3 July 2023, announcing new measures for Digital Payment Token service providers (“DPTSPs”) with regards to the safekeeping of customers’ digital assets. The lack of protection and segregation of customer deposits appear to be the chief concern that MAS intends to tackle with their new slate of measures. It is hoped that with the stricter rules in place, it will reduce the risk of loss or misuse of customers’ assets by DPTSPs and facilitate customer’s fund recovery in the event of a DPTSP’s insolvency. This proactive approach demonstrates Singapore’s commitment to creating a more secure environment – taking lessons from the past experiences of renowned crypto exchanges like Voyager and Celsius. These developments lay the foundation for a resilient and trusted crypto space in Singapore. Continue reading “Monetary Authority of Singapore’s Proposed Measures to Regulate DPTSPs and Enhance Customer Protection”

Duane Morris & Selvam Appoints Ramiro Rodriguez Head of Mergers and Acquisitions Department and Funds Industry Practice

SINGAPORE, 12 July 2023 ― Duane Morris & Selvam LLP is pleased to announce the appointment of director Ramiro Rodriguez as the head of its mergers and acquisitions (M&A) department and its funds industry practice. With this strategic appointment, Duane Morris & Selvam reinforces its commitment to delivering exceptional legal services and further strengthening its position as a trusted advisor in the industry. Continue reading “Duane Morris & Selvam Appoints Ramiro Rodriguez Head of Mergers and Acquisitions Department and Funds Industry Practice”

New Incentives for Family Offices

New Incentives for Family Offices

At the 50th anniversary of the Association of Banks in Singapore (“ABS”) last Friday, Senior Minister and Monetary Authority of Singapore (“MAS”) chairman Mr. Tharman Shanmugaratnam announced that improvements will be made to the tax incentive scheme for single family offices (“SFO”) in Singapore. These include providing tax privileges, incentives or grants for contributions to charity, channelling capital towards blended finance and investing in the mitigation of global climate change.  Further details of these will be announced by the MAS in July.

Continue reading “New Incentives for Family Offices”

GAR Know How Litigation: Singapore

OVERVIEW
Describe the general organisation of the court system for civil litigation.
The Supreme Court of Singapore and the State Courts of Singapore have jurisdiction to hear civil cases.

The Supreme Court comprises the Court of Appeal and the High Court (which itself is made up of the General Division, the Appellate Division and the Singapore International Commercial Court). The State Courts consist of the district courts, magistrates’ courts, coroners’ courts, small claims tribunals, community disputes resolution tribunals and employment claims tribunals.

Civil cases, where the value of the claim exceeds S$250,000, will be heard in the General Division of the High Court whereas civil cases where the value of the claim falls below S$250,000 will be heard in the district courts (S$60,000–S$250,000), magistrates’ courts (under S$60,000) or small claims tribunals (S$20,000 and under).

Civil cases are heard at first instance before a judge or magistrate and appeals may be brought up from the state courts to the High Court and ultimately to the Court of Appeal. Continue reading “GAR Know How Litigation: Singapore”

Asia Super 50 TMT Lawyers 2023

Gerard A. Hekker, partner in Duane Morris LLP, director in the Singapore-based joint law venture Duane Morris & Selvam LLP, and a co-leader of the firm’s Technology, Media and Telecom Industry Group, has been named to the Asia Super 50 TMT Lawyers 2023 announced in the April 2023 issue of Asian Legal Business (ALB). Asian Legal Business annually showcases the leading lawyers in the region’s technology, media, and telecommunications practices who have won wide acclaim from clients. The lawyers were selected based on client feedback by survey, and this year ALB received over 400 nominations from in-house counsel and partners across 11 jurisdictions in Asia.

View the full list on the ALB website.

Selvam LLC Secures Discharge Not Amounting to an Acquittal for Singaporean Director

SINGAPORE, 15 May 2023―Selvam LLC achieved a significant outcome in the case of Goh Toh Heng, an elderly director charged with acquiring ill-gotten gains totaling over $405,000. Goh has been granted a discharge not amounting to an acquittal, while the possibility of future prosecution remains if new evidence emerges. Continue reading “Selvam LLC Secures Discharge Not Amounting to an Acquittal for Singaporean Director”

Duane Morris & Selvam Advises on Capri Global Capital Limited’s Sale of US$180 Million of Equity Shares in a Rights Issue

SINGAPORE, 11 April 2023 — Duane Morris & Selvam LLP acted as the international counsel to ICICI Securities Limited in its capacity as the lead manager on Capri Global Capital Limited’s recent sale of Rs. 14,400 million (US$180 million) of equity shares in a rights issue, including an offer to qualified institutional buyers in the United States. Capri Global Capital Limited is a nonbanking financial company (NBFC) in India that primarily caters to MSMEs, self-employed nonprofessionals and first-time borrowers that lack access to formal credit channels.

Continue reading “Duane Morris & Selvam Advises on Capri Global Capital Limited’s Sale of US$180 Million of Equity Shares in a Rights Issue”

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The opinions expressed on this blog are those of the author and are not to be construed as legal advice.

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