Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 121

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 4
Chunk 121
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 person who operates a platform at which such
digital tokens are traded.

Further, a “payment
service provider” will require a MPI if (i) it carries on a business of providing one or more of the listed payment services,
which includes, among others, “account issuance service” (other than an e-money account issuance service), “cross-border money
transfer service,” or “digital payment token service”; and (ii) the average, over a calendar year, of the total
value of all payment transactions that are accepted, processed or executed by such payment service provider in one month exceeds (a) S$3 million
(or its equivalent in a foreign currency), for any one of the payment services it provides, or (b) S$6 million (or its equivalent
in a foreign currency) for two or more payment services, in the event such payment service provider provides more than one payment service.

With regards to e-money, in
a MAS Consultation Paper issued in December 2019 titled “ Consultation on PSA: Scope of E-Money and DPT,” “ Money”
is defined under the PSA “to include e-money but not DPTs.” MAS noted that as e-money has fiat currency as its unit
of account, there is a tight nexus between e-money and the predominant forms of money in the economy today (i. e. physical cash and
bank deposits), and took the position that e-money is congruent with how money is traditionally viewed, while DPTs are new forms
of payment instruments unable to fulfil the three main functions of money.

On March 7, 2022, the
MAS updated its FAQ on PSA, in which the MAS stated that single currency stablecoins (“ SCS”) which satisfy certain characteristics
are not considered to be pegged by its issuer to a currency and as such, are not considered “e-money” for the purposes of
the PSA. Such characteristics include: (i) where the exchange rate of the SCS to the currency it references may vary, when used,
traded or offered by third-party service providers; and (ii) holders of the SCS need not have a contractual relationship or
an account with the issuer of the SCS, to use the SCS.

Other types of stablecoins
that are not considered “e-money” for the purposes of the PSA include stablecoins whose values reference a basket of multiple
currencies or other assets and stablecoins which aim to maintain stable values through algorithms that adjust the supply