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On 31 January 2023, the Amendment to the Cabinet Office Order on Disclosure of Corporate Affairs was promulgated and came into force together with its related guidelines. As a result of this amendment, it has become a requirement to include a new section in the Securities Registration Statement (Form 7 or Form 7-5) and Annual Securities Report (Form 8 or Form 8-2) reporting on sustainability-related initiatives and on other matters.

In March 2023, the government issued a draft of the Revised Law on Social Insurance for public comments. The Draft Law will be available for public comments until 30 April 2023. The Draft Law presents a number of notable changes to the currently applicable regulations that may bring about a significant impact if they are eventually approved in the final version of the Draft Law.

Singapore High Court in Rio Christofle v Malcolm Tan Chun Chuen [2023] SGHC 66 concludes that the bona fide buying and selling of cryptocurrency without a licence or exemption is not to be a contravention of licensing provisions where there is no “carrying on a business of providing any type of payment service”. Three indicia suggest that a person is carrying on a business of providing a payment service: (1) whether profit has been made; (2) the number of transactions in question; and (3) whether the person is acting as an intermediary.