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MAS issues warning to eight crypto exchanges and halts one ICO drive

The Monetary Authority of Singapore (MAS) has issued a warning to eight domestic cryptocurrency exchanges not to facilitate trading in digital tokens that are securities or futures contracts without its authorisation.

In addition, it has also warned an Initial Coin Offering (ICO) issuer to stop the offering of its digital tokens in the country.

The MAS last year issued an official statement on its stance on the treatment of digital tokens. The regulator had said that it will regulate the offer or issue of digital tokens if they constitute products regulated under the Securities and Futures Act (SFA).

“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,” Lee Boon Ngiap, Assistant Managing Director (Capital Markets), MAS, said.

The MAS said that cryptocurrency exchanges must immediately cease the trading of those tokens on their platforms that constitute securities or futures contracts under the SFA, “until they have been authorised as an approved exchange or recognised market operator by MAS.”

The MAS further said that the ICO issuer, who was directed to stop the offering of digital tokens in Singapore, has ceased the offer and has taken remedial actions to comply with its regulations. The issuer has also returned all funds received from Singapore-based investors.

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