You can see the rules and regulations in other jurisdictions.
Singapore law does not disqualify self-executing contracts or 'smart contracts' (i.e., contracts that automatically execute when certain conditions are met) from being enforceable.1
Generally, such contracts do not require a special legal framework. As well as fulfilling the key elements for forming a contract under Singapore law (e.g., offer and acceptance, consideration, and intention to form legal relations), these contracts would also have to be valid under general law.1
The Electronic Transactions Act 2010 (ETA) allows for the electronic signing of contracts. As a general rule, information cannot be denied legal effect, validity or enforceability solely because it is an electronic record. However, there are exceptions to this rule. The ETA holds that contracts can be formed using electronic communication. Neither its validity nor its enforceability shall be denied because of this. Alternative dispute resolution methods such as arbitration or mediation may also be incorporated into the contract as part of a corrective measure.1
The ETA was modified and adopted in March 2021, incorporating the United Nations Commission on International Trade Law Model Law on Electronic Transferable Records with some amendments. Performance of Part II of the Act is now possible even when it comes to negotiable instruments, documents of title, bills of exchange, promissory notes, consignment notes, bills of lading, warehouse receipts or any other type of instrument that provides the bearer or beneficiary with a claim for money payment or delivery of goods.1
Robo-advisers and third-party websites offering investment advice, recommendations, or opinion on financial products may be regulated in Singapore, depending on the specific process and products being presented. Fintech entities intending to offer such services should take into account whether they require a licence and if they could rely on any exemptions. Both models will also be subject to intellectual property and data protection rules as discussed in Section VII.1
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