Crimes can include anything from minor offences such as certain Road Traffic Offences to more serious offences such as sexual offences, robbery, rioting, extortion, causing hurt or damage to public property, murder, and treason. White Collar crimes, on the other hand, could come in the form of fraud, criminal breach of trust, cheating and other property offences. Irrespective of the type of crime committed, it can be an emotionally and mentally taxing experience when you are charged with a criminal offence. It is therefore necessary to seek the expertise and services of a competent criminal lawyer in Singapore to manage your case and achieve the best possible verdict for you.
What is Considered a Criminal Offence in Singapore?
Any behaviour that has been identified as “criminal” by the legislation enacted by the Singapore parliament would qualify as crime may result in your being charged in Court. You are entitled to employ the services of a criminal defence lawyer to represent you. The Penal Code of Singapore outlines and explains what a crime is and the corresponding maximum punishment for each type of crime and whether you have a valid Defence to the offence you have been charged with.
Every crime is generally analysed from a three-fold perspective.
- Is the conduct or behaviour prohibited by law?
- What was the necessary mental state of the accused at the time of the offence?
- What defence(s) could be raised to free (acquit) the accused of criminal liability?
Types of Offences
Minor Offences
In Singapore, acts such as littering, urinating in public or in elevators, jaywalking, and even the sale of chewing gum, are all considered offences. This may result in a warning and/or a composition fine.
Serious Offences
Serious offences are considered registrable crimes, and these include but are not limited to extortion, murder, rape, secret society activity (gangs), arms offences, possession and misuse of drugs. These offences would go on record and are punishable with imprisonment, fines and/or caning as well as other forms of punishment.
Can I Get Arrested Without a Warrant?
The Police in certain cases as defined in the First Schedule the Criminal Procedure Code 2010 will require a Warrant to Arrest a person. Once a person is arrested he is required to post bail depending on the decision of the Police.
What Happens When Someone Commits a Punishable Crime in Singapore?
The general procedure would involve the following steps,
- Police investigation
- Public Prosecutor deciding on the Course of Action
- Being charged in Court and bail if offered (depending on whether the offence is a bailable one.)
Why Should You Hire a Criminal Lawyer in Singapore?
- To Represent You
An experienced criminal lawyer in Singapore will be well-versed in the law and, therefore, will be able to assess the evidence against you, accurately present your case and build a strong line of defence to safeguard you. It is absolutely necessary that you are properly represented by your lawyer throughout the hearing of your case. Alternatively, if you are guilty, you could engage the services of a lawyer to plead for a lesser punishment.
- To Ensure Your Rights are Protected
Every criminal suspect is considered innocent until proven guilty. A criminal lawyer could ensure that your rights are protected.
- To Conduct an Accurate Assessment of Your Case
Criminal defence requires serious preparation and is heavily time-consuming. Hiring the best criminal lawyer to represent your case can save you a lot of time, money, and trouble. They would essentially know how to carry out a multi-dimensional assessment of your case and thereby be able to collate favourable evidence and legal arguments in your defence. They are adept at making well-informed decisions.
- To Prepare You for the Trial
An experienced criminal lawyer can identify flaws and deficiencies in the prosecution’s case even before it goes to trial. During the trial preparation, the lawyer can uncover evidence that is inadmissible, which means that the prosecution will not be able to introduce such evidence during the trial.
Criminal Lawyers at Christopher Bridges
Our lawyers at Christopher Bridges Law Firm understand the enormous responsibility that comes with representing our clients facing criminal charges. We make sure that our clients are provided with sound legal representation and advice. We will prepare a strong defence strategy (where appropriate) and obtain the best possible outcome.
Are you being investigated by the police? Are you facing allegations and are at a loss as to what to do? If this is the case, please contact Christopher Bridges Law Corporation on +(65) 6323 2328 or send an email to seccbridges@cbridgeslaw.com. You’ll be glad you did so.
The objective of an employment contract is to foster a positive working relationship and atmosphere between the employee and employer. Employment contracts specify the parameters controlling the relationship between an employer and an employee. If an employer does not have a comprehensive employment agreement in place, employers run the risk of recurrent employment disputes over each party’s contractual obligations.
Therefore, it is absolutely necessary that employers in Singapore acquire the services of an experienced employment law practitioner to draft an employment contract based on their instructions.
What is an Employment Contract?
The Employment Act 1968 is a Statute which governs Employment in Singapore and its application applies to all employment contracts and overrides any inconsistent terms in an employment contract.
In Singapore, Employers now have the liberty to opt for a type of employment terms (Subject to the Employment Act 1968) that best suits their needs in terms of productivity and labour. Therefore, as a Employer, it is essential that you consult an expert contract drafting lawyer in Singapore to draft employment contracts available to suit your hiring requirements and to comply with the relevant law under the Employment Act. This will enable you to make informed decisions, meet hiring expectations, and manage employee morale and retention rates as well as clearly specify Employee Obligations and Duties so that there is no misunderstanding.
Some of the most popular and widely used types are,
- Permanent Employee Contracts
- Part Time Employee Contracts
- Fixed-Term Employee Contracts
- Interns, Apprentices, or Trainees Employee Contracts
Employment Law in Singapore: The Employment Act
The Employment Act is a comprehensive regulation governing labour and employment concerns in Singapore. It outlines the fundamental terms and circumstances of employment as well as the rights, responsibilities, and obligations of employers and employees.
According to the Employment Act in Singapore, all employees must ensure their employment contracts meet the minimum standards as stipulated by the act. These include the minimum pay (where applicable) and the paid annual leave, paid medical leave, statutory holidays, and maximum working hours (where applicable) depending on the contract type offered.
What Are Key Employment Terms (KETs)?
As per the Employment Act, all employees are also bound by the law to issue a document containing all Key Employment Terms (KETs). This sets out the mandatory terms of employment.
The KETs will cover the following essentials amongst others,
- Full name of the employer and employee
- Job title, main duties, and responsibilities
- Start date, type, and duration of employment (fixed, casual, permanent…etc)
- Salary and fixed allowances and other benefits (leave, bonuses, incentives)
- And any other terms (non-disclosure/non-competition/code of conduct)
How Can an Employment Contract Drafting Lawyer Help You?
An experienced contract drafting lawyer has a thorough understanding of the employment law in Singapore and will be able to help you meet the necessary legal obligations with the best interest of your business in mind. Furthermore, meeting the regulatory requirements of the Central Provident Fund (CPF) amongst other Statutory Requirements.
By employing a contract drafting lawyer in Singapore, you can,
- set out the clear obligations of parties under the contract
- ensure the contract complies with the law for example the validity of Restraint of Trade Clauses relating to post employment competition and enforcing valid ‘Confidential Information’ Clauses
- avoid future employment disputes and provide for clear grounds for termination of the employment contract
There is no way to know how to appropriately draft a written employment contract to reduce legal risks unless you are a lawyer. Self-drafting the agreement without the advice of a lawyer can result in potentially costly mistakes. Therefore, seek proper legal advice to avoid potential employment contract disputes.
Christopher Bridges Law Firm Contract Drafting Services
At Christopher Bridges, we firmly believe that striking the right balance in protecting the best interests of the employer as well as the employee is the key to a strong, comprehensive, and binding employment contract. With extensive years of experience working with Employers both in multinational conglomerates and small and medium enterprises, and our strong working connections with our ASEAN partners, with whom we have collaborated since 1995, we are adept at what we do. Our expertise springs from our in-depth knowledge of Singapore employment law. We can assist you with the complexities of the Singapore Employment Act, KETs, and the guidelines on fair employment practices. Give us a call at (+65) 6323 2328 or send an email to seccbridges@cbridgeslaw.com for a free consultation session today.
In Singapore, harassment is defined as any kind of behaviour that causes alarm, apprehension or distress to an individual. Harassment generally encompasses a range of actions and is governed under numerous laws, including the Protection From Harassment Act (POHA) and the Penal Code. This article provides an overview of the POHA, highlighting key offences, associated penalties, and how a lawyer in Singapore can help assess a harassment case and advise you on a suitable course of action.
Introduction to the Protection From Harassment Act
The Protection From Harassment Act (POHA) was introduced in Singapore in November 2014 and was established to help protect people from harassment.
Here is a simple overview of what the law covers and the remedies it offers:
Key Offences
Key offences under the POHA include:
Harassment: It is an offence to communicate (oral or written) threatening, abusive or insulting words or behaviour that causes someone (the victim) to be harassed, distressed, alarmed or be fearful of violence. “Communication” refers to spoken words and written communication, such as emails, messages and social media posts.
Doxxing: It is an offence to publish any identity information (such as photos or address) of the target person or a related person of the target person that would cause a person to feel harassed, threatened or become fearful of violence. For example, posting statements such as “I know where you live/work” or “hunt him down and teach him a lesson” on social media, especially when combined with identifying details like names, photos, or addresses, would constitute an offence under the Protection From Harassment Act (POHA).
Stalking: It is an offence to stalk someone in a way that makes them feel harassed, distressed, alarmed or fearful. This includes actions such as following the victim, loitering near the victim’s home or workplace, bus stop or MRT station, or any other place frequented by the victim, or constantly trying to contact them.
Anyone found guilty under these laws can face fines, jail, or both, depending on the severity of the offence.
What To Do if You Are a Victim of Harassment
If you believe that you are a victim of harassment, contact a law firm in Singapore to help you assess your case and advise you on the suitable remedies.
Criminal Prosecution: It is important to establish the necessary facts in the police report. This would enable the police to properly investigate and proceed with prosecution. If the police do not intend to pursue the matter, you can still proceed with civil action. However, do note that this will be at your own expense.
Expedited Protection Orders (EPO): If the victim is in immediate danger or the harassment is severely affecting the victim’s life and likely to repeat or continue, the court can issue an EPO. An EPO is a temporary injunction order granted when the court determines that urgent intervention is necessary, based on the complaint by the applicant (the victim) against the respondent. After the EPO is granted, the court will set a hearing for both parties to review the type of protection order needed. The court will grant a Protection Order if necessary.
Protection Order: A Protection Order is a permanent injunction against the perpetrator to stop the harassment of the victim. It lasts forever until it is varied or set aside by another court order. The Protection Order can order the removal of harmful content online and/or ban the perpetrator from contacting the victim. It can also order the exclusion of close proximity with the victim, including places around the home, workplace, transit and places frequently visited by the victim.
Expert Legal Guidance by Christopher Bridges Law Corporation
The Protection From Harassment Act (POHA) in Singapore addresses various forms of harassment, including threats, doxxing, and stalking, providing legal remedies such as protection orders and expedited protection orders. Victims can seek legal help from a Singapore law firm such as Christopher Bridges Law Corporation to assess their case and pursue an appropriate course of action.
Established in 1995, Christopher Bridges Law Corporation is a trusted commercial and criminal litigation Singapore law firm licensed to practise in the Jurisdiction of Singapore. Our areas of expertise include dispute resolution, litigation and arbitration, criminal law, business and commercial law, fintech legal services, and family law, provided by a trusted lawyer in Singapore.
Please get in touch with us at 63232328 or via email at seccbridges@cbridgeslaw.com for a free consultation.
Divorce is a legal process that officially terminates a marriage. In Singapore, this process is governed by the Women’s Charter which highlights the specific grounds and procedures for divorce. This article explores the recent introduction of Divorce by Mutual Agreement (DMA) into the Women’s Charter – a significant development that changes how divorce proceedings are initiated and managed in Singapore. Further, this article delves into details of grounds for divorce, the requirements that accompany it, and how a family lawyer in Singapore can provide comprehensive legal services pertaining to divorce.
Introduction to Divorce by Mutual Agreement (DMA)
With effect from 1 July 2024, married couples will be able to cite Divorce by Mutual Agreement (DMA) as a ground for divorce.
Previous Grounds for Divorce under the Women’s Charter
Before the introduction of DMA, divorces required one spouse to file against the other. The party that filed for divorce would be the plaintiff, and their spouse would be the defendant. Pursuant to Section 95(2)(a) of the Women’s Charter, the only reason for divorce to be granted under the Women’s Charter is the “irretrievable breakdown of the marriage.” Previously, the plaintiff had to show the court that they are relying on one or more of the following fault-based facts enshrined in Section 95A(1)(a) – (e) of the Women’s Charter to prove the irretrievable breakdown of the marriage:
- Adultery
- Unreasonable behaviour
- Desertion
- Separation of three years with consent
- Separation of four years without consent
Incorporating Divorce by Mutual Agreement into the Women’s Charter
Notably, the above five fault-based facts will be retained. Parties can still choose to rely on them instead. The DMA has been incorporated into the Women’s Charter pursuant to Section 95A(1)(f). It is effectively a sixth fact that parties can rely on that is not fault-based. With the introduction of DMA, parties may cite a mutually agreed divorce. In accordance with Section 95A(6)(a) of the Women’s Charter, parties must include information on the following in their application for divorce:
- Reasons for the breakdown of the marriage
- Efforts made to reconcile
- Considerations of their children and financial affairs
Court Procedures and Standards
Furthermore, the court may order for further mediation, counselling, or programmes. Additionally, Section 95A(6)(c) of the Women’s Charter states that the court must reject the parties’ agreement if reconciliation is deemed to be a reasonable possibility. Moreover, there are still some safeguards in place. Following Section 94 of the Women’s Charter, parties must have been married for at least three years before they can file for divorce. Pursuant to Section 99(1) of the Women’s Charter, there will also be a three-month period before divorce is finalised. These safeguards apply to all parties, regardless of whether the parties file for DMA or rely on the five facts for divorce.
Impact and Benefits of Divorce by Mutual Agreement
The introduction of the Divorce by Mutual Agreement (DMA) represents a significant and progressive shift in the approach to marital dissolution. The DMA enables couples to accept mutual responsibility for the breakdown of their marriage. The Ministry for Social and Family Development has aptly stated that couples may also find closure in citing the reasons for the breakdown of the marriage and acknowledging their attempts to reconcile. Indeed, the very nature of divorce proceedings outside DMA requires parties to dredge up the past in order to prove one of the five fault-based facts. This inevitably creates an adversarial environment where parties play the blame game. Further, if parties cite one of the separation facts (separation of three years with consent / separation of four years without consent), they may end up putting their lives on hold for the next three to four years. This can adversely affect the emotional well-being of the parties and their children. In taking joint responsibility for the marital breakdown and stepping away from the adversarial nature of divorce proceedings, parties are better equipped to consider vital matters related to their children and their finances post-divorce.
Comprehensive Family Law Services by Christopher Bridges Law Corporation
A family lawyer in Singapore will offer comprehensive family law services, specialising in areas such as divorce, child custody, maintenance, and division of assets. Christopher Bridges Law Corporation recognises the emotional challenges that matrimonial proceedings bring and is committed to providing sensitive yet practical legal advice. Our tailored approach to divorce focuses on achieving a resolution through a mutually agreed divorce based on consensual grounds, while thoroughly addressing crucial issues such as Custody, Care and Control, Maintenance, and Division of Assets.
Please reach out to our team at seccbridges@cbridgeslaw.com for a free consultation today.
Debt collection in Singapore is a regulated process designed to recover unpaid debts from individuals or businesses who have defaulted on their financial obligations. This process is aimed at ensuring that creditors can recover unpaid debts in a fair and ethical manner. The Singapore debt collection service industry is governed by laws such as the Debt Collection Act, which sets firm guidelines for companies and individual collectors. This article delves into the specifics of Singapore’s Debt Collection Act, focusing on its key provisions, licencing requirements for debt collection companies and individual collectors, and how a lawyer in Singapore can help provide effective legal solutions for debt recovery.
Introduction to the Debt Collection Act
The Debt Collection Act (“the Act”) came into force on 1 December 2023. The Act was passed by Parliament on 13 September 2022. Its purpose is to regulate the debt collection industry by imposing standards of entry and introducing licensing requirements for debt collection companies and collectors. Furthermore, it aims to reduce problematic debt collection conduct by introducing mechanisms to deal with errant debt collection companies and collectors. This is significant as it is the first regulation introduced for the Singapore debt collection service industry. However, it is important to note that the Act applies only to the collection of monetary debts. As such, the collection of non-monetary assets (eg. cryptocurrency) remains unregulated.
New Licensing Requirements for Debt Collection Companies
One key feature of the Act is the newly introduced licensing regime for debt collection companies. Pursuant to Section 6 of the Act, debt collection companies must apply for a valid licence to carry out debt collection activities. Debt collection companies must be assessed by the police to be fit and proper before they are allowed to offer debt collection services. From 1 March 2024 onwards, debt collection companies must be licensed to carry out debt collection activities. Operating without a valid licence will be considered an offence, punishable by a fine of up to $20,000, imprisonment for up to two years, or both. Repeat offenders face even harsher penalties, including a fine ranging from $20,000 to $100,000, imprisonment for up to five years, or both.
Class Licensing Regime for Lower-Risk Entities
The Singapore government has implemented a class licensing regime, which applies to lower-risk organisations that are regulated by other government agencies involved in lending and debt collection. This includes banks, merchant banks, licenced credit card or charge card issuers, finance companies, and licensed and exempt moneylenders. These companies need not attain individual licences. Nonetheless, they must comply with the conditions of the class licence.
Approval Process for Individual Debt Collectors
Further, the Act has introduced a new approval regime for individual debt collectors. Any person who wishes to become a debt collector must submit a joint application with the debt collection company. Debt collectors will also be screened and assessed by the police to determine whether they are fit and proper. Police may rescind approvals if they are found to have committed offences, or breached any provisions under the Act.
Exemptions and Exclusions under the Act
Companies involved in debt collection in Singapore are deemed to pose low risk of public disorder and are excluded from the Debt Collection Act. Excluded entities include the Official Assignee, the Official Receiver, licensed insolvency practitioners, regulated legal practitioners and regulated non-practitioners, joint law ventures, licensed foreign law practices, qualifying foreign law practices, Singapore law practices, accounting corporations, accounting firms, accounting limited liability partnerships, chartered accountants, and public accountants.
Impact of the Debt Collection Act
Overall, this move to increase regulation within Singapore’s debt collection service industry is a positive and necessary development. Minister of State for Home Affairs Ms. Sun Xueling aptly stated that “debt collection is a legitimate economic activity that facilitates the fulfilment of financial obligations.” However, it is important to guard individuals and businesses against unreasonable debt collection methods, especially if these methods infringe on public safety and security. The Act and the regulation it introduces will lend greater legitimacy to the debt collection industry and mitigate against problematic debt collection methods.
Effective Legal Solutions for Debt Recovery by Christopher Bridges Law Corporation
The Debt Collection Act has introduced appropriate licensing and regulatory standards for debt collection companies and individuals in Singapore, with the aim of curbing improper practises. All debt collection companies are now required to hold a valid licence to operate legally, with severe penalties imposed for non-compliance. However, the Act excludes low-risk organisations such as banks, legal practitioners, and accountants, making it an essential step towards legitimising the Singapore debt collection service industry.
A Singapore lawyer specialising in debt collection will ensure the process is managed with the utmost professionalism and provide effective legal solutions for debt collection in Singapore. Whether you are a service provider or a supplier with outstanding invoices, Christopher Bridges Law Corporation offers professional and legal assistance by means of issuing standard letters of demand at highly competitive rates. If payment remains unpaid, we will proceed with legal action by filing a Claim in Court to recover the owed amounts. Our primary focus is on not just obtaining a judgement but securing the payment of your invoices, ensuring that you receive what is rightfully due.
Get in touch with our team at seccbridges@cbridgeslaw.com to schedule a free consultation.
When launching a business, you enter into many different types of contracts, including office and equipment leases, shareholder agreements, employment agreements with new workers, and client and supplier contracts. Wherever there is human interaction, conflict is inherently inevitable. Some of these conflicts may lead to a contract dispute. Therefore, it is essential that you have a fair understanding of what laws and regulations govern contract disputes in Singapore and how the legal services of a breach of contract lawyer can steer you in the right direction. This article examines what a contract dispute is, including methods for resolving various types of disputes and the choices available to the parties/individuals concerned.
What is a Contract Dispute?
Typically, a contract dispute arises when either you or your client disagree with the terms or definitions of the contract. Contractual disagreements may be costly and time-consuming, end up in court, and harm your business relationships and reputation if handled improperly.
Common disputes include:
- Breach of Contract
These occur when one party in a contract believes the other side has not fulfilled the terms of the contract. From nonpayment, poor service, to late delivery or defective goods, this type of business conflict frequently necessitates the involvement of a commercial disputes lawyer.
- Partnership Disputes
Partnership disputes involve disagreements about business obligations, company goals, and general misconduct, ranging from fraud to aggressive behavior.
- Employment Disputes
There are many things that can lead to employment disputes, such as a breach of confidentiality, employee pay and commissions, or summary dismissal.
Common Contract Dispute Resolution Methods in Singapore
Contract dispute resolution is the process of settling disagreements and conflicts between persons or parties. Although many business disputes may wind up in court, this does not have to be for every case. Fortunately, businesses in Singapore have a variety of methods at their disposal to resolve disputes without opting for a court procedure.
Civil Litigation
A lawsuit is a common option to resolve a dispute. Civil litigation refers to the process of taking legal action or filing a lawsuit against another party and ends with a judge determining a legally binding conclusion for both parties.
The Singapore legal system has a hierarchical court structure to promote fair access to justice and expeditious proceedings relative to the value of the claim. In other words, the amount of work is commensurate with the complexity—a $5 million claim in the High Court will take significantly longer and be more complex than a $5,000 claim in the Small Claims Tribunals.
Proceedings in court are mostly considered public, and high profile cases can draw curious public spectators or be reported in the press.
Mediation
Mediation is a voluntary and private procedure where the parties look for a workable resolution to their conflict. An impartial third person (the mediator), often a qualified lawyer, helps the parties come to an amicable agreement, and directs the parties in their decision-making process. This includes,
- Identifying the issues in the dispute
- Looking at available options
- Negotiating a settlement agreement
The terms of the settlement agreement are determined completely by the parties, and the mediator does not impose a decision on any of them.
If the parties fail to arrive at a settlement even after mediation sessions, then they will proceed to take legal action.
Mediation is usually the lowest-cost option amongst the dispute resolution methods.
Arbitration
In typical litigation, a judge in a public court hears your case and renders a decision on the conflict. Arbitration, on the other hand, is a confidential and private hearing, and you and the other party have the freedom to choose the arbitrator (who is often a lawyer with industry experience). The arbitrator will make a decision that is legally binding on the parties.
Don’t Ignore the Notice!
If you are served with an Originating Claim, Originating Summons or Notice to Arbitrate, seek legal advice immediately – such notices should never be ignored.
There is a fixed amount of time to respond to an Originating Claim, Summons or Arbitration notice. The failure to respond appropriately in a timely manner could result in a court judgment or arbitration award that you are liable and owe a sum of money to another party, because you have chosen not to contest the claim.
Consult with a dispute resolution lawyer immediately and seek advice on the best course of action available to you.
Hire a Contract Dispute Resolution Lawyer in Singapore
Regardless of whether you decide to settle your disagreement out of court or go in for civil litigation, it is absolutely necessary that you consult the services of an experienced dispute resolution lawyer first. Whether it is a breach of trust, an employee dispute, a partnership dispute, or debt collection in Singapore, our experienced lawyers at Christopher Bridges Law Corporation can help you.
As a licensed commercial and criminal litigation law firm in Singapore with offices within Asia, we have a very strong working connection with our ASEAN partners. This places us in a unique position to serve all our private, corporate, domestic, and international clients better. If you have a matter that calls for legal assistance, contact our legal experts today for a free consultation session.
Financial Technology, popularly known as ‘fintech,’ refers to the innovative technology that improves and automates the delivery and usage of financial services. It often includes technological penetration in the 4 main financial areas of payments, savings, lending, and insurance. The exponential growth in fintech over the last few years around the globe and in Asia has raised many concerns pertaining to the laws and regulations that govern them. Read on to find out more about what measures are in place, why regulatory measures are important when it comes to fintech in Singapore, and how a fintech lawyer can assist you to understand and conform to the regulatory compliance of fintech better.
Fintech in Singapore
The Monetary Authority of Singapore (MAS) has undertaken various initiatives to solidify Singapore’s status as a regional and global trade and finance hub. As part of this enterprise, Singapore has committed to developing a financial ecosystem that would facilitate the digitalization of its economy and the development of fintech. Furthermore, the concept of “Smart Nation” was also introduced by the MAS in its bid to prepare Singapore’s citizens, workforce, and government for this fundamental shift in the financial fabric.
Why Fintech Regulatory Measures Are Important?
The widespread use of technology in the financial sector has also created new hurdles in regulatory enforcement. The financial services industry has become significantly more vulnerable to attack, theft, fraud, and other cyber-criminal behavior as a result of the digital transformation of finance.
As the variety of financial innovations, the ubiquity of their use, and the rate at which they evolve have grown significantly, authorities are finding it increasingly challenging to devise suitable regulatory responses.
How Is Fintech Facilitated and Regulated in Singapore?
Regulations for Digital Assets, Cryptocurrencies, and Fintech have been progressively developing in Singapore over the last few years. Furthermore, changes in surveillance and enforcement are also noted.
· The Payment Services Act
The Payment Services Act 2019 (PSA) is regarded as a forward-looking and adaptable regulatory framework for Singapore’s payment systems and payment service providers. The PSA states that a license is required to conduct certain crypto-related businesses, cryptocurrency-related activities, transmission of cryptocurrencies, brokerage services for cryptocurrencies, and custody services for cryptocurrencies.
· Digital Tokens/Coins, Cryptocurrency, Non-Fungible Tokens (NFTs)
The advancement of technology has also given rise to digital tokens and Initial Coin Offerings (ICOs). The Digital Token Guide stipulates that MAS may regulate offers or issuance of digital tokens if they constitute capital market products under the Securities and Futures Act (SFA).
The trading of NFTs would fall under the regulations as NFTs can be transferred, stored or traded electronically for another type of token or for monetary value.
How Can a Fintech Legal Advisor Help You?
As business operations become more globalized the risks associated with business expansion also become greater. This is when an in-depth understanding of Anti Money Laundering (AML) regulations and Know Your Customer (KYC) regulations can essentially help you to stay out of troubled waters. The consequences of breaking AML regulations include disciplinary fines, legal/criminal proceedings, sanctions, reputational damage, and a loss of shareholder confidence.
Christopher Bridges Fintech Lawyers
Our fintech legal advisors will work closely with you to help you navigate your fintech journey all the way from start-up through to eventual exit. We will also provide you with the necessary advice and counsel on the regulatory implications of adopting specific disruptive technologies and help businesses such as platform providers in the fintech industry conform to regulations.
With an experienced and reputed fintech lawyer by your side, you can be rest assured that all regulatory compliance pertaining to your business operations is well taken care of. We specialize in legal advice on the AML/CFT regulations, legal advice on company best practices/KYC, and legal opinion on compliance with the Payment Services Act, digital payment token guidelines, and SFA regulations among other blockchain/fintech legal advice. Contact us today to accelerate your fintech journey.