Company: BTBT
Filing Date: 2025-07-02
Form Type: S-8
Source: 0001213900-25-061020
Chunk: 110

Company: Bit Digital, Inc
Filing Date: 2025-07-02
Form: S-8
Chunk 110
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 to Singapore Government Regulations

Regulations on Payment Services in Singapore

Staking activities will be performed by one of
our subsidiaries, Bit Digital Singapore Pte. Ltd. (“BTSG”) which is incorporated under the laws of the Republic of Singapore
and currently does not possess any financial regulatory licenses.

BTSG intends to use its own proprietary assets
to trade and stake ETH, which is defined as a digital payment token (“DPT”) (as defined under the Payment Services Act 2019
of Singapore (“PS Act”) with licensed or otherwise exempt third party service providers under applicable laws (including the
PS Act or the Securities and Futures Act 2001 of Singapore (“SFA”)). BTSG’s current business practices in Singapore
are subject to the following regulatory risks, as described herein.

The Monetary Authority of Singapore (“MAS”)
regulates the provision of payment services in Singapore under the PS Act. Unless excluded or exempt, an entity must obtain the relevant
license to carry on a business in providing regulated payment services under the PS Act, which include account issuance service, e-money
issuance service, domestic money transfer service, cross-border money transfer service, merchant acquisition service, digital payment
token service, and money-changing service.

Under the PS Act, licensees may be subject to
obligations relating to general approval requirements for changes of control, appointment and removal of CEOs and directors, general notification
and record-keeping requirements, audit requirements, base capital requirements, anti-money laundering requirements (see below), the requirement
to furnish security (for a major payment institution), the requirement to safeguard customer monies (for a major payment institution),
and other applicable requirements. Licensees are expected to implement certain systems, processes and controls in line with MAS’
Guidelines on Risk Management Practices applicable to financial institutions in Singapore. BTSG intends to trade and stake ETH on its
own account, not to provide any payment service to customers and not to carry on a business of “dealing in” DPT as a service
to any third-party. In particular, BTSG: (i) will use its own proprietary money for trading and/or staking (no customer money is used);
(ii) will not trade or stake DPTs for or on behalf of customers; (iii) will not market or advertise that it provides any such service
to customers; (iv) will not enter into trades with counterparties as a matter of course (e.g. at the customer’s request) or stake
DPT