Regulation 10

A reporting Singaporean crypto‑asset service provider is not required to comply with any requirement in this Part if it fulfils both the reporting requirement and due diligence requirement in Sections II and III of the CARF (as modified by regulation 4) respectively under the rules of a jurisdiction described in paragraph H of Section I of the CARF (as modified by regulation 4) that correspond to the firstmentioned requirement.

A reporting Singaporean crypto‑asset service provider mentioned in paragraph (1) must give a notification to the Comptroller in accordance with paragraph (3) that it has fulfilled the reporting and due diligence requirements in Sections II and III of the CARF (as modified by regulation 4) in the jurisdiction mentioned in paragraph (1).

The notification must be given in the form and manner specified by the Comptroller on the IRAS Internet website, by 31 May of the year immediately following the year in which the reporting and due diligence requirements are fulfilled.

In the case of a reporting Singaporean crypto‑asset service provider that is a trust, the notification must be given by the trustee of the reporting Singaporean crypto‑asset service provider.

A reporting Singaporean crypto‑asset service provider, or (in the case of a reporting Singaporean crypto‑asset service provider that is a trust) its trustee, must take all reasonable steps to ensure that its notification does not contain any information that is false in a material particular.

A requirement under paragraph (2) (read with paragraph (3)) or (5) is a requirement the failure or neglect to comply with which (if such failure or neglect is without reasonable excuse) is an offence under section 105M(1B) of the Act.