Dentons Rodyk & Davidson LLP

With digital innovation causing an unparalleled shift in financial services, there has been a transformation in the way consumers, companies, and institutions operate, invest and raise capital. Globally, there has also been fast developing regulation on disruptive technologies and businesses with an emphasis on combating issues such as anti-money laundering (AML) and countering financing of terrorism (CFT). In this ever-changing landscape, we at Dentons Rodyk recognise the need for your business to navigate the regulatory environment and manage the corresponding legal risks. Let our lawyers at Dentons Rodyk provide you with the full range of support you require.

Dentons Rodyk has been a market leader in the area of FinTech, particularly in the area of blockchain, cryptocurrency and distributed ledger technology (DLT) in Singapore. We advise clients on matters including legal structuring, capital raisings, privacy and data protection, regulatory compliance and tax. Such clients include start-ups, digital token exchanges, digital asset derivative exchanges, digital token over-the-counter (OTC) dealers, stablecoin issuers, and venture capital and private equity funds.

We advise on capital raisings ranging from traditional venture fundraisings to token offerings by way of Initial Coin Offerings (ICOs), Security Token Offerings (STOs), or initial exchange offerings (IEOs) (collectively, “Token Offerings”). Given the multi-faceted nature of Token Offerings, we are equipped and have provided turnkey legal coverage to clients including advising on corporate structuring, data protection, tax, and regulatory compliance – including licensing, AML/CFT compliance, securities law compliance and marketing restrictions.

The Payment Services Act (“PS Act”) which came into effect on 28 January 2020 introduced a framework for the regulation of certain activities relating to digital payment tokens and e-money. Our expertise in the cryptocurrency and DLT sectors and familiarity with regulations and industry players allow us to stay at the forefront to deliver legal advice and business-practical compliance solutions with such regulation to intermediaries and stakeholders in these sectors.

Whether you are a start-up or an investor, partner with Dentons Rodyk, one of few firms, that has the market-leading experience in advising on FinTech, blockchain and DLT.

Our blockchain and DLT-related experience includes, among others, the following areas of work:

• analysing business framework and activities and advising on regulatory compliance in relation to DLT / blockchain projects including licensing, payments, and stored value transactions, and assisting in applications for licensing of regulated activities;
• advising on establishment, compliance and licensing of cryptocurrency exchanges and OTC operators, crypto-custodial services and cryptocurrency lending / cryptocurrency-collaterised fiat lending;
• advising on cryptocurrency asset management and establishment of cryptocurrency funds; and
• advising on crypto-mining / crypto-staking programmes;
• advising on legal due diligence on and investments into cryptocurrency projects;
• providing advice on Singapore laws relating to capital markets products (in particular, whether the tokens that are subject of the sale in the Token Offerings are capital markets products), tax, intellectual property, data protection and privacy, licensing, anti-money laundering, andcountering of terrorism financing laws in relation to Token Offerings;
• advising on legal structure, reserve token distribution including token remuneration plans, and governance issues;
• advising on legal risks and compliance, and preparing legal documentation for the Token Offering via online and offline means (as applicable);
• reviewing and advising on whitepapers to be published in connection with the Token Offering from a compliance legal risk-management perspective;
• post-Token Offering deployment of cryptocurrency proceeds;
• advising on regulatory compliance in relation to asset / fiat / securities tokenization programs including gold-backed and USD-backed stablecoins; and
• advising on licensing requirements and regulations and assisting in the application for payment institution licenses under the PS Act.