Singapore legislation
Clause 35
of Prevention of Proliferation Financing and Other Matters Bill
Clause 35
Saving and transitional provisions
(1)
Despite section 4(b) —
a person that, immediately before the date of commencement of section 4(b), is a registered dealer under the PSPM Act carrying on —
the business of regulated dealing only in respect of digital payment tokens; or
business as an intermediary for regulated dealing only in respect of digital payment tokens,continues to be registered until the person’s registration under that Act expires or is cancelled; and
any obligation or liability imposed or incurred before the date of commencement of section 4(b) in relation to any regulated dealing under the PSPM Act in respect of digital payment tokens or a designated transaction in respect of digital payment tokens is not affected.
(2)
A person who —
immediately before the date of commencement of section 4(f), was not a regulated dealer under the PSPM Act; and
on or after the date of commencement of section 4(f), by reason of that section, becomes a regulated dealer under that Act,may, on or after the date of commencement of section 4(f), act as or hold out to be a regulated dealer under that Act without being registered as a registered dealer until the earliest of the following events:
the person is registered as a registered dealer under the PSPM Act;
the person is exempted from section 6 of the PSPM Act;
6 months after the date of commencement of section 4(f).
(3)
For a period of 2 years after the date of commencement of any provision of this Act, the Minister may, by regulations, prescribe such additional provisions of a saving or transitional nature consequent on the enactment of that provision as the Minister may consider necessary or expedient.
(4)
In this section, “digital payment tokens” means digital payment tokens within the meaning of the Payment Services Act 2019.