Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 119

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 4
Chunk 119
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 States, there is no guarantee that future regulation or adverse action will not take place and interpretation of existing
regulations in a manner adverse to our business is possible.

Singapore

Singapore generally has embraced
digital assets and sought to create a permissive environment for their operations largely to attract foreign operators to its market.
In November 2017, the Monetary Authority of Singapore (“ MAS”) issued a statement that tokens sold through the blockchain
funding model may be considered securities under certain circumstances under Singapore law, and provided case studies as examples of tokens
that do and do not constitute securities. However, an exchange platform facilitating secondary trading of cryptocurrency securities must
be an approved exchange or market operator by the MAS.

In this regard, the MAS regulates seven types of payment services provided
to consumers or merchants under the licensing framework of the Payment Services Act (Act 2 of 2019) (“ PSA”). Entities
that buy or sell Digital Payment Tokens (“ DPT”), establish or operate a DPT exchange, or provide other DPT services are regulated
under the PSA. Schedule 1 of the PSA states that a “digital payment token service” and “e-money issuance
service” are both considered payment service under the PSA. Further, “digital payment tokens” include digital tokens
that, among others, “is, or is intended to be, a medium of exchange accepted by the public, or a section of the public, as payment
for goods or services or for the discharge of a debt.” MAS has provided the following examples in its “ A Guide to Digital
Token Offerings” (the “ MAS Guide”): (i) digital tokens only used to pay for, for example, the provision of crowd-sourced hash
calculations on a platform will not be considered a “digital payment token”; (ii) digital tokens that can be traded on
a secondary market alone does not result in the digital token being construed as capital markets products under the SFA, but may be considered
a “digital payment token” under the PSA if it is, or is intended to be, a medium of exchange accepted by the public, or a
section of the public, as payment for goods or services or for the discharge of a debt; and (iii) digital tokens issued to raise
funds for the development of products and services by the issuer may be considered a “digital payment token,” if this token
is, or is intended to be, a medium of exchange accepted by the public, or a section of the public, as