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Digital Asset Purchase Agreement

Digital Asset Purchase Agreement Template for Singapore

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Key Requirements PROMPT example:

Digital Asset Purchase Agreement

"I need a Digital Asset Purchase Agreement governed by Singapore law for the purchase of NFTs from a gaming company, with specific provisions for staged payments and integration with our existing digital wallet infrastructure, to be completed by March 2025."

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Document background
The Digital Asset Purchase Agreement serves as a comprehensive framework for digital asset transactions in Singapore's evolving digital economy. It is specifically designed to comply with Singapore's regulatory requirements, including the Payment Services Act 2019 and MAS guidelines. This agreement is essential when conducting regulated digital asset transactions, providing clear terms for asset transfer, payment, custody, and risk allocation. It includes necessary provisions for regulatory compliance, KYC/AML requirements, and technical specifications for the digital assets being transferred.
Suggested Sections

1. Parties: Identification and details of the contracting parties

2. Background: Context and purpose of the agreement

3. Definitions: Key terms used throughout the agreement, including technical definitions of digital assets, blockchain, wallets, and other relevant terminology

4. Description of Digital Assets: Detailed specification of the digital assets being purchased, including quantity, characteristics, and unique identifiers

5. Purchase Price and Payment Terms: Price, payment method, timing of payments, and currency specifications

6. Transfer and Delivery: Process and timing for transferring the digital assets, including wallet specifications and verification procedures

7. Representations and Warranties: Legal assurances from both parties regarding ownership, authority, and compliance with applicable laws

8. Risk Allocation: Distribution of risks between parties, including technological, regulatory, and market risks

9. Governing Law and Jurisdiction: Specification of Singapore law as governing law and jurisdiction for dispute resolution

Optional Sections

1. Escrow Arrangements: Terms for third-party escrow services if used for the transaction

2. KYC/AML Requirements: Compliance requirements for identity verification and anti-money laundering procedures

3. Tax Provisions: Specific tax treatment and obligations for digital asset transactions

4. Custody Arrangements: Terms for digital asset custody if custody services are part of the transaction

Suggested Schedules

1. Schedule 1 - Digital Asset Specifications: Technical details and characteristics of the digital assets being purchased

2. Schedule 2 - Transfer Protocol: Technical procedures for executing the transfer of digital assets

3. Schedule 3 - Compliance Requirements: Detailed regulatory compliance procedures and requirements

4. Schedule 4 - Fee Schedule: Breakdown of all applicable fees and charges related to the transaction

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Clauses
Asset Description
Purchase Price and Payment
Transfer and Delivery
Conditions Precedent
Representations and Warranties
Covenants
Closing Mechanics
Digital Wallet Requirements
Custody Arrangements
Security Measures
Risk Allocation
Regulatory Compliance
KYC/AML Requirements
Tax Matters
Confidentiality
Data Protection
Force Majeure
Termination
Indemnification
Liability Limitations
Dispute Resolution
Governing Law
Assignment
Notices
Entire Agreement
Amendment
Severability
Counterparts
Electronic Execution
Industries

Payment Services Act 2019: Primary legislation governing digital payment tokens and digital payment token services in Singapore, including licensing requirements and operational regulations

Securities and Futures Act: Regulatory framework for securities and derivatives, which may apply if the digital asset qualifies as a capital markets product

Income Tax Act: Tax legislation relevant for determining the tax treatment of digital asset transactions and gains

Goods and Services Tax Act: Framework for GST implications on digital asset transactions in Singapore

Electronic Transactions Act: Legislation governing the legal recognition and validity of electronic transactions and contracts

MAS DPT Guidelines: Monetary Authority of Singapore's specific guidelines on Digital Payment Token Services, including operational and compliance requirements

MAS AML/CFT Guidelines: Guidelines on Prevention of Money Laundering and Countering the Financing of Terrorism for digital asset transactions

MAS TRM Guidelines: Technology Risk Management Guidelines providing requirements for cybersecurity and technology risk management

Property Law Considerations: Legal framework for classification and treatment of digital assets as property under Singapore law

Personal Data Protection Act: Data protection requirements for handling personal information in digital asset transactions

Custody Requirements: Regulatory requirements for the custody and safekeeping of digital assets

Cross-border Regulations: Requirements for international digital asset transactions, including foreign exchange regulations and international sanctions compliance

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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