1 Legal and enforcement framework
1.1 What general regulatory regimes and issues should blockchain developers consider when building the governance framework for the operation of blockchain/distributed ledger technology protocols?
Foremost, core blockchain developers of blockchain/distributed ledger technology protocols should assess whether it is necessary or appropriate to set up a legal entity (if any) for the purposes of their business operations. In Singapore, the typical choice would be to set up a private limited company, which can be done affordably and easily online at the website of the Accounting and Corporate Regulatory Authority ("ACRA").
Especially in the context of operating a centralised blockchain/distributed ledger technology protocol, blockchain developers should consider whether their proposed business model involves the conduct of certain regulated activities which give rise to licensing and/or prospectus registration obligations under the Securities and
