October 2017: Singapore regulator clarifies position on ICOs
It’s good to see the Singapore regulator taking an active role on the issue of cryptocurrencies and initial coin offerings (ICOs) by clarifying its position in a statement earlier this month. Abu Dhabi’s regulator also set out its guidelines on ICOs and virtual currencies on Monday.
Citing an earlier statement from August, the Monetary Authority of Singapore (MAS) clarified:
“If a token is structured in the form of securities, the ICO must comply with existing securities laws aimed at safeguarding investors’ interest. So the requirements of having to register a prospectus, obtain intermediary or exchange operator licences, will apply. These intermediaries must also comply with existing rules on anti-money laundering and countering terrorism financing. MAS has not issued new legislation specifically for ICOs. We will continue to monitor the developments of such offers, and consider more targeted legislation if necessary.
I’m very happy and reassured to see Singapore’s regulator moving fast and decisively to communicate to the market on this complex new fintech issue, one which has seen governments such as China’s banning ICOs altogether.
We would love to do our own ICO in Singapore while we continue building out our licensed platform for investors, startups, and other ecosystem stakeholders. Ultimately, we want to bring more transparency and democratization to the whole process of fundraising.
Cryptocurrencies is a fantastic option!
Joe Seunghyun Cho
Co-founder & Chairman, Marvelstone Group
Co-founder & Founding CEO, LATTICE80