Exchanges and ICO holders in Singapore receive MAS crypto rules reminder
The Monetary Authority of Singapore (MAS) has sent a warning notice to eight local cryptocurrency trading platforms citing a ban on trading of futures and digital tokens featuring securities properties unless the required permission is granted by the authorities.
As commented the authority spokespersons, trading of tokens that are traded on Singapore-based platforms and can be considered as assets subject to SFA ruling must be shut down until the passing the certification from the authorized financial market operator.
“The number of digital token exchanges and digital token offerings in Singapore has been increasing. We do not see a need to restrict them if they are bona fide businesses. But if any digital token exchange, issuer or intermediary breaches our securities laws, MAS will take firm action. The public should be aware that there is no regulatory safeguard if they choose to trade on unregulated digital token exchanges or invest in digital tokens that fall outside the remit of MAS’ rules, ” commented Lee Boon Ngiap, Assistant Managing Director (Capital Markets) at MAS.
Besides, local companies that hold ICO were also reminded that generation of funds is based in Singapore. The regulator believes that ICO token is an instrument of equity ownership in a company and thus is subject to SFA.
24 May, 2018 18:06
← US Justice Department takes measures to detect crypto price manipulations
US Justice Department has launched an investigation willing to find out whether traders and investors can manipulate crypto rates. The Department will cooperate with CFTC on this matter. The authorities are striving to determine illegal patterns that can be used for exchange rate manipulation in the crypto sector.
24 May, 2018 13:45
Crypto prices down probably on crypto tax launch in India →
Bitcoin prices have decreased in the second on Thursday, which can be connected with the reports about possible crypto tax launch in India. The leading digital coin has dropped to some $7,371 on the Bitfinex today. A negative dynamics was also seen in Ethereum – Bifinex quotes decreased to some $566.78. Ripple coin changed hands on the Poloniex already at 0.60000 (some 5.7% down).
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