新加坡（一）：基础与MAS的监管方针——Alexander Ressos博士著作《新加坡与瑞士数字资产法》（Digital Assets Law in Singapore and Switzerland）的一部分。
新加坡（一）：基础与MAS的监管方针：Alexander Ressos博士著作《新加坡与瑞士数字资产法》（Digital Assets Law in Singapore and Switzerland）的一部分。
本部分属于Alexander Ressos博士的著作新加坡与瑞士数字资产法，全书在本站逐节完整发布。
新加坡（一）：基础与新加坡金融管理局的监管思路
A Swiss or German lawyer who opens the Payment Services Act 2019 for the first time meets a text that looks familiar and behaves differently. Read more Singapore · Legal Order城市国家中的威斯敏斯特模式
Singapore is a unitary republic with a written Constitution that declares itself the supreme law of the land. Parliament is unicameral. Read more Singapore · Legal Order法律渊源及其引用方式
Singapore law has four layers. At the top stands the Constitution. Below it sit the Acts of Parliament. Read more Singapore · Legal Order普通法、衡平法与英国法的继受
The civil lawyer's hardest adjustment is the idea that a large part of the applicable law has never been enacted. The Application of English Law Act 1993 settles the matter in two sentences. Read more Singapore · Legal Order法院
The Supreme Court of Judicature Act 1969 structures the superior courts. Read more Singapore · Legal Order判例与如何阅读新加坡判决
The doctrine of binding precedent operates vertically. Decisions of the Court of Appeal bind the Appellate Division, the General Division and the State Courts. Read more Singapore · Legal Order法律解释
Section 9A(1) of the Interpretation Act 1965 directs that an interpretation which would promote the purpose or object underlying a written law is to be preferred to one that would not. Read more Singapore · Legal OrderMAS通知、指引、通函和常见问题解答的法律效力
The instrument that most confuses foreign readers is the MAS Notice. A notice is a written direction issued by MAS under a statutory power to a class of financial institutions. Read more Singapore · Legal Order律师行业与外国律师
Legal practice in Singapore is governed by the Legal Profession Act 1966. Advocates and solicitors admitted to the Singapore Bar may practise Singapore law. Read more Singapore · Legal Order从整体上把握这一体系
For a lawyer from Zug the Singapore legal order presents a paradox. Read more Singapore · Legal Order一个机构，三重角色
The Monetary Authority of Singapore was established by the Monetary Authority of Singapore Act 1970 and began operations on 1 January 1971. Read more Singapore · Legal Order历任局长与机构的声音
Ravi Menon served as Managing Director from 2011 until 31 December 2023 and shaped the digital-asset policy described in Chapter III. Read more Singapore · Legal Order作为总括性法律的《2022年金融服务与市场法》
Singapore's financial legislation grew Act by Act. The Banking Act 1970, the Insurance Act 1966, the Securities and Futures Act 2001 and the Financial Advisers Act 2001 each regulate one sector. Read more Singapore · Legal OrderMAS的监管理念
MAS describes its approach with a set of phrases that recur in every consultation paper and that a practitioner should learn to decode. Read more Singapore · Legal Order与数字资产相关的牌照类别
The licence a digital-asset business needs depends on the function its product performs. Six regimes cover the field. Read more Singapore · Legal Order执法权力
MAS enforces through a graduated set of tools that it describes in its Enforcement Monograph and reports on in a periodic Enforcement Report. Read more Singapore · Legal Order监管实务
Supervision of a digital payment token licensee is conducted by the department responsible for payments, with the anti-money-laundering department and the technology risk specialists involved as… Read more Singapore · Legal Order从楚格看新加坡金融管理局
A client who has dealt with FINMA will find MAS both more and less demanding. Read more Singapore · Legal Order为何历史至关重要
A regulator's current rules are the sediment of its past decisions, and nowhere is this truer than in Singapore's treatment of digital assets. Read more Singapore · Legal Order第一阶段（2014–2016年）：观察与警示
MAS made its first public statement on virtual currencies on 13 March 2014. Read more Singapore · Legal Order第二阶段（2017–2019年）：ICO浪潮与《指南》
The initial coin offering boom of 2017 reached Singapore quickly, and several of the largest token sales of that year were conducted through Singapore entities. MAS responded in two steps. Read more Singapore · Legal Order第三阶段（2020–2021年）：发牌与币安事件
The Payment Services Act 2019 came into force on 28 January 2020. Read more Singapore · Legal Order第四阶段（2022年）：连环倒闭与政策原则
The year 2022 changed Singapore's policy more than any other. In May the Terra ecosystem collapsed. Its developer, Terraform Labs, was a Singapore-incorporated company. Read more Singapore · Legal Order第五阶段（2023–2024年）：构建新制度
MAS published its responses in stages. Read more Singapore · Legal Order第六阶段（2024–2026年）：仅服务境外客户的提供商
The last building block addressed a problem that had embarrassed MAS since the Three Arrows and Terraform collapses: entities incorporated in Singapore that served no Singapore customers and… Read more Singapore · Legal Order截至2026年6月30日的现状
At the cut-off date of this book Singapore's digital-asset regulation rested on five pillars. Read more Singapore · Legal Order给执业者的启示
Four lessons follow from the history. Read more Singapore · Legal Order市场格局
Singapore's digital-asset market is small in the number of licensed firms and large in the weight of the institutions behind them. Read more Singapore · Legal Order持牌交易所、经纪商和托管机构
The first full licences for digital payment token services were granted in late 2021 to Independent Reserve, an Australian-founded exchange, and to DBS Vickers, the brokerage arm of DBS Bank. Read more Singapore · Legal Order银行
Singapore's three domestic banks, DBS, OCBC and UOB, are all participants in the digital-asset market in a way no Swiss systemic bank was before 2024. Read more Singapore · Legal Order市场基础设施：新加坡交易所、ADDX、Marketnode
Singapore Exchange has approached digital assets through investments and joint ventures. It holds the stake in DBS Digital Exchange mentioned above. Read more Singapore · Legal Order守护者项目、全球第一层与兰花项目
Project Guardian was launched on 31 May 2022 by MAS with DBS, J.P. Morgan and Marketnode as the first pilot participants. Read more Singapore · Legal Order家族办公室浪潮
The rise of the Singapore single family office is the second large development of the period and the one most relevant to the private-client reader. Read more Singapore · Legal Order风险投资、主权基金与人才
Temasek, GIC and the venture arms of the banks have invested across the digital-asset industry. Read more Singapore · Legal Order在新加坡选择交易对手
The ecosystem just described presents a client with choices that did not exist in 2020, and the choices carry legal consequences that the marketing material does not mention. Read more Singapore · Legal Order新加坡生态系统与加密谷之比较
The two ecosystems differ in origin and in texture. Crypto Valley grew from below. Read more Singapore · Legal Order区域竞争
Singapore does not choose its digital-asset policy in isolation. Within a six-hour flight lie Hong Kong, Tokyo, Dubai, Bangkok, Kuala Lumpur and Jakarta, each with a regime of its own. Read more Singapore · Legal Order香港
Hong Kong is the comparison that matters for three reasons. Read more Singapore · Legal Order迪拜与阿拉伯联合酋长国
Dubai created in 2022 the first regulator in the world devoted solely to virtual assets. Law No. 4 of 2022 Regulating Virtual Assets in the Emirate of Dubai was issued on 28 February 2022. Read more Singapore · Legal Order日本
Japan regulated crypto exchanges earlier than anyone. Read more Singapore · Legal Order东盟背景
Singapore's immediate neighbours have each taken a position, and together they define the regional market that a Singapore-licensed firm serves. Read more Singapore · Legal Order客户为何比较新加坡与香港，以及我如何作答
In my experience the question arrives in one of three forms. A founder asks where to put the Asian headquarters of an exchange or a stablecoin issuer. Read more Singapore · Legal Order监管机构之间的合作
Competition between the hubs coexists with cooperation among their regulators, and a client who structures across them should know how much the regulators tell each other. Read more Singapore · Legal Order选择亚洲中心的决策顺序
The analysis of this chapter can be reduced to a sequence of questions that a Swiss group should answer in order. Read more Singapore · Legal Order区域版图与瑞士读者
For a Swiss practitioner the lesson of this chapter is that Singapore's regulatory severity is a chosen position within a competitive region. Read more Singapore · Legal Order为何需要一张机构图
The civil-law reader who has absorbed Chapters I to V knows that Singapore regulates through one legislature, one regulator and one court hierarchy. Read more Singapore · Legal Order从内部看新加坡金融管理局
MAS is organised in groups and departments whose names change from time to time, but whose functions have been stable since the reorganisation that followed the 2015 creation of the FinTech and… Read more Singapore · Legal Order会计与企业管制局
ACRA was formed on 1 April 2004 by the Accounting and Corporate Regulatory Authority Act 2004 through the merger of the Registry of Companies and Businesses and the Public Accountants Board. Read more Singapore · Legal Order新加坡国内税务局
IRAS was established on 1 September 1992 by the Inland Revenue Authority of Singapore Act 1992. Read more Singapore · Legal Order商业事务局与可疑交易报告办公室（STRO）
The Commercial Affairs Department (CAD) is the specialist white-collar crime unit of the Singapore Police Force and the body that investigates fraud, cheating, criminal breach of trust, market… Read more Singapore · Legal Order相关机构：总检察署
The Attorney-General is appointed under Article 35 of the Constitution and is both the Government's chief legal adviser and the Public Prosecutor, with control of all criminal prosecutions. Read more Singapore · Legal Order新加坡法学院
The Singapore Academy of Law (SAL) is a statutory body established by the Singapore Academy of Law Act 1988 of which every advocate and solicitor, every judge and every legal officer of the… Read more Singapore · Legal Order行业协会与私营层面
The Blockchain Association Singapore (BAS), formed in 2018, is the principal industry body for digital-asset firms. Read more Singapore · Legal Order客户会接触到的其他公共机构
Each of these bodies appears in a later Part. The point of listing them here is to show the civil-law reader that "one regulator" does not mean "one authority". Read more Singapore · Legal Order与各方接触的顺序
A Swiss or German group establishing a regulated digital-asset business in Singapore meets the actors in roughly this order, which should be planned. - Singapore counsel, admitted under the Legal… Read more Singapore · Legal Order本部分结语
This Part has described the legal order, the regulator, the policy history, the market, the region and the actors. The remaining Singapore Parts build on it. Read more