3. Definitions

In these Regulations —

“active entity” has the same meaning as “Active Entity” in subparagraph D(11) of Section IV of the CARF;

“AML/KYC procedures” has the same meaning as “AML/KYC Procedures” in subparagraph F(2) of Section IV of the CARF;

“controlling persons” has the same meaning as “Controlling Persons” in subparagraph D(10) of Section IV of the CARF;

“crypto‑asset user” has the same meaning as “Crypto‑Asset User” in subparagraph D(2) of Section IV of the CARF;

“entity” has the same meaning as “Entity” in subparagraph F(3) of Section IV of the CARF;

“entity crypto‑asset user” has the same meaning as “Entity Crypto‑Asset User” in subparagraph D(5) of Section IV of the CARF;

“excluded person” has the same meaning as “Excluded Person” in subparagraph E(1) of Section IV of the CARF;

“individual crypto‑asset user” has the same meaning as “Individual Crypto‑Asset User” in subparagraph D(3) of Section IV of the CARF;

“IRAS Internet website” means the Internet website of the Inland Revenue Authority of Singapore at https://www.iras.gov.sg;

“pre‑existing entity crypto‑asset user” has the same meaning as “Preexisting Entity Crypto‑Asset User” in subparagraph D(6) of Section IV of the CARF;

“pre‑existing individual crypto‑asset user” has the same meaning as “Preexisting Individual Crypto‑Asset User” in subparagraph D(4) of Section IV of the CARF;

“relevant transaction” has the same meaning as “Relevant Transaction” in subparagraph C(1) of Section IV of the CARF;

“reportable person” has the same meaning as “Reportable Person” in subparagraph D(7) of Section IV of the CARF;

“reportable user” has the same meaning as “Reportable User” in subparagraph D(1) of Section IV of the CARF.

In interpreting these Regulations, recourse is to be had to the CARF read with the Commentaries on the Crypto‑Asset Reporting Framework as at 8 June 2023, which are developed and published by the Organisation for Economic Co‑operation and Development, and available on the IRAS Internet website.