MAS reg­u­lates dig­i­tal to­kens

China Daily (Hong Kong) - - BUSINESS -

The Mon­e­tary Author­ity of Sin­ga­pore said on Tues­day that it will reg­u­late the offer or issue of dig­i­tal to­kens in Sin­ga­pore, if the dig­i­tal to­kens con­sti­tute prod­ucts reg­u­lated un­der the Se­cu­ri­ties and Fu­tures Act. MAS’ clar­i­fi­ca­tion comes in the wake of a re­cent in­crease in the num­ber of ini­tial coin or to­ken of­fer­ings, which aim at rais­ing funds, in the city-state. MAS said a dig­i­tal to­ken is a cryp­to­graph­i­cally-se­cured rep­re­sen­ta­tion of a to­ken-holder’s rights to re­ceive a ben­e­fit or to per­form spec­i­fied func­tions. It con­sid­ered vir­tual cur­rency as one par­tic­u­lar type of dig­i­tal to­ken, and said it is as­sess­ing how to reg­u­late money laun­der­ing and ter­ror­ist fi­nanc­ing risks as­so­ci­ated with ac­tiv­i­ties in­volv­ing dig­i­tal to­kens that do not func­tion solely as vir­tual cur­ren­cies. The author­ity added that where dig­i­tal to­kens fall within the def­i­ni­tion of se­cu­ri­ties in the Se­cu­ri­ties and Fu­tures Act, is­suers of such to­kens would be re­quired to lodge and reg­is­ter a prospec­tus with MAS prior to the offer of such to­kens, un­less ex­empted.

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