5.—(1) A person who, immediately before 4 April 2024, carries on a business of providing a previously unregulated digital payment token service (called in this regulation the exempt person) is exempt from sections 5(1) and 6(4) and (5) of the Payment Services Act 2019 in respect of that business until the date mentioned in paragraph (2).(2) The exemption mentioned in paragraph (1) ends —(a) | subject to paragraph (3), on 4 May 2024 — if the exempt person has not, before 4 May 2024, notified the Authority in the form and manner specified on the Authority’s website, of the date on which the person commenced that business (called in this paragraph a relevant notification); | (b) | on 4 October 2024 — if the exempt person —(i) | has, before 4 May 2024, submitted a relevant notification; and | (ii) | has not, before 4 October 2024, submitted a relevant application; |
| (c) | on 4 January 2025 — if the exempt person —(i) | has, before 4 May 2024, submitted a relevant notification; | (ii) | has, before 4 October 2024, submitted a relevant application; and | (iii) | has not, before 4 January 2025, submitted an attestation report to the Authority in the manner specified on the Authority’s website; or |
| (d) | on the date on which the relevant application submitted by the exempt person is approved or refused by the Authority, or is withdrawn by the exempt person — if the exempt person —(i) | has, before 4 May 2024, submitted a relevant notification; | (ii) | has, before 4 October 2024, submitted a relevant application; and | (iii) | has, before 4 January 2025, submitted an attestation report to the Authority in the manner specified on the Authority’s website. |
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(3) Despite paragraph (2)(a), if an exempt person mentioned in that paragraph —(a) | was, immediately before 28 January 2020, carrying on a business of providing a digital payment token service (as defined in paragraph 3 of the First Schedule to the Payment Services Act 2019 as in force immediately before 4 April 2024); and | (b) | applied, within the 12‑month period immediately after 28 January 2020 —(i) | for a licence under section 6(1) of the Payment Services Act 2019 to carry on the business mentioned in sub‑paragraph (a); or | (ii) | to vary its licence under section 7(1)(a) of the Act so as to be entitled to carry on the business mentioned in sub‑paragraph (a), |
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the person’s exemption under paragraph (1) ends on the date on which the application is approved or refused by the Authority or, if the application is withdrawn before that date, the date on which the application is withdrawn. |
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(4) In this regulation —“previously unregulated digital payment token service” means —(a) | any service of accepting (whether as principal or agent) digital payment tokens from one digital payment token account (whether in Singapore or elsewhere), for the purposes of transmitting, or arranging for the transmission of, the digital payment tokens to another digital payment token account (whether in Singapore or elsewhere); | (b) | any service of arranging (whether as principal or agent) for the transmission of digital payment tokens from one digital payment token account (whether in Singapore or elsewhere) to another digital payment token account (whether in Singapore or elsewhere); | (c) | any service of inducing or attempting to induce any person to enter into or to offer to enter into any agreement for or with a view to buying or selling any digital payment token in exchange for any money or any other digital payment token (whether of the same or a different type); | (d) | any service of safeguarding a digital payment token, where the service provider has control over the digital payment token; | (e) | any service of carrying out for a customer an instruction relating to a digital payment token, where the service provider has control over the digital payment token; | (f) | any service of safeguarding a digital payment token instrument, where the service provider has control over one or more digital payment tokens associated with the digital payment token instrument; or | (g) | any service of carrying out for a customer an instruction relating to one or more digital payment tokens associated with a digital payment token instrument, where the service provider has control over the digital payment token instrument. |
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“relevant application” means —(a) | in the case of a person who holds a licence to carry on a business of providing any payment service other than a digital payment token service or who is deemed to have been granted a major payment institution licence or a money changing licence under section 122 of the Payment Services Act 2019 — an application under section 7(1)(a) of the Payment Services Act 2019 to vary the licence so as to be entitled to carry on the business of providing a digital payment token service; or | (b) | in any other case — an application under section 6(1) of the Payment Services Act 2019 for a licence to carry on the business of providing a digital payment token service. |
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