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Singapore ICO regulations are a hot topic in Crypto world as it may pave the way for just regulations of the highly volatile and unregulated crypto industry. The Monetary Authority of Singapore (MAS) announced in late November 2017 that it would regulate the issuance of digital tokens or initial coin offerings (ICOs) and that they could fall under the Securities and Futures Act.
The country’s central bank’s decision to clarify its position regarding Singapore ICO regulations, comes at a time when Singapore is experiencing an increase in the number of token sales as a means of rising funds. It also follows closely behind the U.S. Securities and Exchange Commission’s (SEC) stance that ICOs must be regulated.
In an announcement MAS said:
MAS’ position of not regulating virtual currencies is similar to that of most jurisdictions. However, MAS has observed that the function of digital tokens has evolved beyond just being a virtual currency. For example, digital tokens may represent ownership or a security interest over an issuer’s assets or property. Such tokens may therefore be considered an offer of shares or units in a collective investment scheme under the SFA. Digital tokens may also represent a debt owed by an issuer and be considered a debenture under the SFA.
MAS further noted that should a digital token full under the definition of securities with the SFA, the issuers of the tokens would first need to lodge and register a ‘prospectus with MAS prior to the offer of such tokens, unless exempted.
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