Blockchain and Crypto-Assets 2026

SINGAPORE

Malaysia

Singapore

Law and Practice Contributed by: Tju Liang Chua and Ulanda Oon Drew & Napier LLC

Indonesia

Contents 1. Overview of Blockchain and Crypto-Assets p.554 1.1 Blockchain p.554 1.2 Crypto-Assets p.557 2. Regulation p.560 2.1 Regulators and International Alignment p.560 2.2 Crypto-Asset Regulatory Frameworks p.560 2.3 Regulated Firms and Legal Wrappers p.562 2.4 Token Issuance p.563 2.5 Market Abuse p.563 2.6 Non-Compliance p.564 3. Licensing and Set-Up Requirements p.564

3.1 Licensing Requirements p.564 3.2 Set-Up Requirements p.564 3.3 Change of Control p.564 3.4 Passporting p.564 4. Cross-Border Services p.564 4.1 Marketing p.564 4.2 White Labelling p.565 5. Decentralised Finance p.565 5.1 Ability to Use DeFi p.565 5.2 DeFi Structures p.565 5.3 Liability p.566 6. Payments and Stablecoins p.566

6.1 Payments p.566 6.2 Stablecoins p.567 7. Tokenisation and Real-World Assets p.568 7.1 Treatment p.568

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