Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 120

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 4
Chunk 120
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 payment for goods or services or
for the discharge of a debt.

Under section 5 of the PSA,
providers of “digital payment token services” would, among others, require a license as a “payment service provider,”
with such “payment service providers” to be licensed, where applicable as a “standard payment institution” or
“major payment institution.” In particular, section 6(4) of the PSA states that a person must have in force a Standard
Payment Institution License (“ SPI”) or Major Payment Institution License (“ MPI”) to be entitled to carry on a
business of providing “digital payment token service.” In May 2020, the MAS updated its MAS Guide, stating that in general,
the MAS “will examine the structure and characteristics of, including the rights attached to, a digital token in determining if
the digital token is a type of capital markets products under the SFA,” and that offers or issues of digital tokens may be regulated
by MAS if the digital tokens are “capital markets products” as defined under the Securities and Futures Act (Cap 289) (“ SFA”),
which includes, among others, “securities” or units in a “collective investment scheme.”

The following general observations,
among others, were made in the MAS Guide regarding an offer of digital tokens that constitute “capital markets products” as
defined under the SFA: (i) unless otherwise exempted, such offer must be made in or accompanied by a prospectus that is prepared
in accordance with the SFA and is registered with MAS; (ii) where an offer is made in relation to units in a collective investment
scheme (“ CIS”) as defined under the SFA, the CIS may be subject to authorization or recognition requirements under Singapore
securities laws. In this respect, an “authorized” or a “recognized” CIS under the SFA must comply with certain
investment restrictions and business conduct requirements; and (iii) with respect to intermediaries who facilitate offers or issues
of such digital tokens, such persons may be required to hold a license to the extent that such activities are regulated by the SFA or
the Financial Advisers Act (Chapter 110 of Singapore). Non-exhaustive examples of such persons include: (i) a person who
operates a platform on which one or more offerors of such digital tokens may make primary offers or issues of such digital tokens; (ii) a
person who provides financial advice in respect of such digital tokens; and (iii) a