Company: BTBT
Filing Date: 2025-07-02
Form Type: S-8
Source: 0001213900-25-061020
Chunk: 112

Company: Bit Digital, Inc
Filing Date: 2025-07-02
Form: S-8
Chunk 112
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Singapore (the “CDSA”) and Terrorism (Suppression of Financing) Act, Chapter 325 of Singapore (the “TSOFA”). The
CDSA provides for the confiscation of benefits derived from, and to combat, corruption, drug dealing and other serious crimes. Generally,
the CDSA criminalizes the concealment or transfer of the benefits of criminal conduct as well as the knowing assistance of the concealment,
transfer or retention of such benefits. The TSOFA criminalizes terrorism financing and prohibits any person in Singapore from dealing
with or providing services to a terrorist entity, including those designated pursuant to the TSOFA. The CDSA and the TSOFA also require
suspicious transaction reports to be lodged with the Suspicious Transaction Reporting Office. If any person fails to lodge the requisite
reports under the CDSA and the TSOFA, it may be subject to criminal liability. In addition, financial institutions, non-financial institutions
and individuals in Singapore are required to comply with financial sanction requirements in relation to individuals and entities designated
by the United Nations.

As BTSG does not currently hold any financial
regulatory licenses in Singapore, it only complies with the CDSA and the TSOFA, the primary AML/CFT legislation in Singapore that are
of general application (and does not comply with PSN02 and the related guidelines). It is possible that financial institutions in Singapore
may not be willing to offer financial services to BTSG due to concerns on the origin of BTSG’s funds, from an AML/CFT perspective.

The Company expects to acquire digital assets
on liquid, regulated exchanges with robust anti-money laundering (“AML”) and know-your-client (“KYC”) policies
and procedures. However, there are no assurances that cryptocurrency trading platforms on which the Company transacts business will continue
to operate effectively, maintain adequate liquidity or that their AML and KYC policies and procedures will be effective, which could negatively
impact the Company and its ability to acquire or sell ETH and other digital assets.

MAS could enact new regulations, change regulations
that were previously adopted, modify, through supervision or enforcement, past regulatory guidance, or interpret existing regulations
in a manner different or stricter than have been previously interpreted, any of which could adversely affect or require us to change BTSG’s
business practices in Singapore.

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The nature of our business requires the application of complex financial accounting rules, and there is limited guidance from accounting standard setting bodies. If financial