Schedule 1

any service of dealing in digital tokens (other than any such service that the Authority may prescribe);

any service of facilitating the exchange of digital tokens (other than any such service that the Authority may prescribe);

any service of accepting (whether as principal or agent) digital tokens from one digital token account (whether in Singapore or elsewhere), for the purposes of transmitting, or arranging for the transmission of, the digital tokens to another digital token account (whether in Singapore or elsewhere);

any service of arranging (whether as principal or agent) for the transmission of digital tokens from one digital token account (whether in Singapore or elsewhere) to another digital token account (whether in Singapore or elsewhere);

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 tokens in exchange for any money or any other digital tokens (whether of the same or a different type);

any service of safeguarding a digital token, where the service provider has control over the digital token;

any service of carrying out for a customer an instruction relating to a digital token, where the service provider has control over the digital token;

any service of safeguarding a digital token instrument, where the service provider has control over one or more digital tokens associated with the digital token instrument;

any service of carrying out for a customer an instruction relating to one or more digital tokens associated with a digital token instrument, where the service provider has control over the digital token instrument;

any service relating to the sale or offer for sale of digital tokens which involves —

providing advice, either directly or through publications or writings, and whether in electronic, print or other form, relating to any digital tokens; or

providing advice by issuing or promulgating research analyses or research reports, whether in electronic, print or other form, relating to any digital tokens.Part 2SERVICES THAT ARE NOT DIGITAL TOKEN SERVICES1. Despite Part 1 of this Schedule, the following services are not digital token services for the purposes of this Part:

any service provided by any technical service provider that supports the provision of any digital token service, but that does not at any time enter into possession of any money or digital token under that digital token service, such as —

the service of processing and storing data;

any information technology security, trust or privacy protection service;

any data and entity authentication service;

any information technology service;

the service of providing a communication network; and

the service of providing and maintaining any terminal or device used for any digital token service;

any digital token service that is provided, in respect of any central bank digital token, by any central bank or financial institution;

any digital payment token service that is provided in respect of any limited purpose digital payment token.Part 3INTERPRETATION1. In this Schedule, unless the context otherwise requires —“central bank digital token” means any digital token that is issued by a central bank, or by any entity authorised by a central bank to issue a digital token on behalf of the central bank;“currency” means currency notes and coins that are legal tender in Singapore or a country or territory other than Singapore;“dealing in”, in relation to any digital token, means the buying or selling of that digital token in exchange for any money or any other digital token (whether of the same or a different type), but does not include any of the following:

facilitating the exchange of digital tokens;

accepting any digital token as a means of payment for the provision of goods or services;

using any digital token as a means of payment for the provision of goods or services;“digital payment token”, “digital payment token service” and “digital token” have the meanings given by section 136(1);“digital token account” means any account, or any device or facility (whether in physical or electronic form), that contains digital tokens;“digital token exchange” —

means a place, or a facility (whether electronic or otherwise), where —

offers or invitations to buy or sell any digital token in exchange for any money or any other digital token (whether of the same or a different type), are regularly made on a centralised basis;

those offers or invitations are intended, or may reasonably be expected, to result (whether directly or indirectly) in the acceptance of those offers or in the making of offers to buy or sell digital tokens in exchange for money or other digital tokens (whether of the same or a different type), as the case may be; and

the person making any such offer or invitation, and the person accepting that offer or making an offer in response to that invitation, are different persons; but(b)does not include a place or facility (whether electronic or otherwise) that is used exclusively by one person to do only either or both of the following things:

to make offers or invitations to buy or sell any digital token in exchange for any money, or any digital token (whether of the same or a different type);

to accept any offer to buy or sell any digital token in exchange for any money, or any digital token (whether of the same or a different type);“digital token instrument” means any password, code, cipher, cryptogram, private cryptographic key or other instrument that enables a person —

to control access to one or more digital tokens; or

to execute a transaction involving one or more digital tokens;“e-money”, “employee” and “entity” have the meanings given by section 136(1);“facilitating the exchange of digital tokens” means establishing or operating a digital token exchange, in a case where the person that establishes or operates that digital token exchange, for the purposes of an offer or invitation (made or to be made on that digital token exchange) to buy or sell any digital token in exchange for any money or any digital token (whether of the same or a different type), comes into possession of any money or any digital token, whether at the time that offer or invitation is made or otherwise;“financial institution” means any person that —

is a financial institution as defined in section 2; or

is licensed, approved, registered or regulated, or is exempt from being licensed, approved, registered or regulated, under any law administered by an authority in a foreign country (the functions of which correspond to the functions of the Authority in Singapore) to carry on any financial activity in that country;“financial product” means any product or service that is provided by a financial institution;“in‑game asset” means any digital representation of value that —

is purchased or otherwise acquired by a person (called in this definition the game player);

is not denominated in any currency;

is issued as part of an online game; and

is used by the game player to pay or exchange for virtual objects or services in the online game;“limited purpose digital payment token” means any non‑monetary customer loyalty or reward point, any in‑game asset, or any similar digital representation of value that —

cannot be returned to its issuer, transferred or sold in exchange for money; and

may only be used —

in the case of a non‑monetary customer loyalty or reward point or a similar digital representation of value — for the payment or part payment of, or in exchange for, goods or services, or both, provided by its issuer or any merchant specified by its issuer; or

in the case of an in‑game asset or a similar digital representation of value — for the payment of, or in exchange for, virtual objects or virtual services within an online game, or any similar thing within, that is part of, or in relation to, an online game;“merchant” means a person (other than an individual who is not required to be registered under the Business Names Registration Act 2014) who, in the course of the person’s business —

provides goods or services;

promotes the use or purchase of goods or services; or

receives, or is entitled to receive, any money or other consideration for providing goods or services,and includes any employee or agent of the person;“money” has the meaning given by section 136(1);“non-monetary customer loyalty or reward point” means any digital representation of value, by whatever name called, that satisfies all of the following conditions:

it is not denominated in any currency;

it is issued as part of a scheme, the dominant purpose of which is to promote the purchase of goods, or the use of services, provided by its issuer or any merchant specified by its issuer;

it is issued to a person upon the purchase of goods, or the use of services, provided by its issuer or any merchant specified by its issuer;

it is used for the payment or part payment of, or in exchange for, goods or services (or both) provided by its issuer or any merchant specified by its issuer;

it is not part of a financial product.