Despite assurances that Singapore will not regulate cryptocurrencies, its Monetary Authority of Singapore issued new guidelines indicating how initial offerings or symbolic sales would be processed in the country's securities laws. The guidelines include several case studies on cryptocurrencies and ICOs
In its statement of 14 November 2017, the Singapore central bank claimed that the digital tokens sold through the ICO Blockchain could be considered as securities under certain conditions based on the provisions of the US Securities and Futures Act and the Financial Advisers Act.
Part of the declaration reads:
"Offers or issues of digital tokens may be regulated by MAS if the digital tokens are products of the financial markets according to the SFA. financial market products include securities, futures and contracts or arrangements for leveraged foreign exchange operations. "guidelines
The new guidelines also stated that d & Other laws in Singapore can be used to regulate symbolic sales conducted in the country. The laws include those that do not ultimately fall under the direct authority of the MAS
"Digital tokens performing functions that fall outside the jurisdiction of the MAS may nevertheless be subject to Other laws to combat money laundering As far as money laundering and terrorist financing are concerned, MAS has stated that it will create a new framework for money laundering and terrorist financing. payment covering companies involved in "the trading or exchange of cryptocurrencies for fiat or other digital currencies."
" These intermediaries will be policies, procedures and controls to address these risks, which will include due diligence requirements, monitor transactions, conduct audits, report suspicious transactions and maintain adequate records. "
In August 2017, MAS officials have already announced that some ICOs would be subject to the country's securities laws based on their cryptographic data.
Singapore recently took the limelight and became one of the favorite countries for ICOs after China's ban on ICOs.