Virtual Currencies: More Than Just A (Digital) Token

Financial technology or "FinTech" is transforming and revolutionising financial services like never before, bringing to bear exciting innovations ranging from robo-advisers to crowdfunding platforms. More recent months have seen a greater degree of prominence given to innovations in the realm of virtual currencies, or what are also referred to as "cryptocurrencies" or "digital currencies" with the likes of "Zcash", "Monero", "ethereum", "Litecoins" and of course "Bitcoins" which are being offered and marketed around the globe. This tide of interest has not gone unnoticed by financial regulators. In Singapore, a consumer advisory was recently jointly released by the Monetary Authority of Singapore (the "MAS") and the Commercial Affairs Department of the Singapore Police Force ("CAD"), warning the public of the risks associated with virtual currencies and investments relating to virtual currencies.