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ARTICLE · 02 AUGUST 2017

Singapore Clarifies Stance on Digital Tokens

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Changes in the way digital tokens are being used has prompted Singapore's central bank to tighten regulations around the way they are offered or issued.

SingaporeFinance and Banking
Bryan Tan
Bryan Tan

Changes in the way digital tokens are being used has prompted Singapore's central bank to tighten regulations around the way they are offered or issued.

The Monetary Authority of Singapore (MAS) said the changes have been prompted because digital tokens are not longer be used merely as virtual currency. It has acted after it identified a recent rise in the number of initial coin (or token) offerings (ICOs) in Singapore as a means of raising funds.

MAS has now clarified that offering digital tokens as security during a trade in assets, or issuing them as shares, will be a regulated activity in Singapore, subject to some exemptions applying.

MAS said that will be the case where the offer or issue of digital tokens constitute products regulated under the Securities and Futures Act (SFA).

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