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Also known as the MAS, the Monetary Authority of Singapore is a body that garners a great deal of attention. In other words, when they make something available to the general public, or if they make some sort of general announcement, the world is going to pay attention. This is certainly the case with the recent publication of their “Guide to Digital Token Offerings.”
This is news that much of the financial world is watching carefully. In particular, this news is of fascination to those who are putting a great deal of their time and energy into the world of digital currencies. The guide released by the MAS promises to give details regarding the relationship between initial coin offerings (also known as ICOs) and the securities laws of Singapore.
Not surprisingly, this guide is proving to be extremely popular. To that end, there are several things about the release of this guide that you are going to want to keep in mind.
MAS Digital Token Offerings Guide
The central bank seeks to create some general guidelines for those who want to know what will or will not be regulated, when it comes to the subject of digital tokens. Initial coin/token offerings are starting to see a significant increase throughout Singapore. It is unlikely that this reality will change anytime soon, as more and more individuals and businesses begin to at least consider the presence of a digital currency in a world that is still unsure if Bitcoin and the like will survive.
Cryptocoins and tokens are proving to be quite popular with Singapore startups. This is true for many parts of the world. For startups, the appeal is easy to appreciate. It is a fast, increasingly well-regarded way for startups to secure the capital they require. This has also allowed startups to avoid the sometimes arduous, challenging path of finding revenue through banks or venture capital firms.
In releasing this recent guide, the MAS also made a couple of things abundantly clear. The newly-released information/guide is not designed to be exhaustive by any means. Furthermore, it is not designed to have any legal effects whatsoever. This can also be taken to mean that the guide is not going to supersede any laws, requirements, or regulatory measures that are currently on the book.
For the time being, the guide simply exists to bring structure to some of the chaos some may perceive, when they look at the world of digital currencies from a glance.
MAS And Digital Tokens
The structure and/or characteristics of the digital token will be examined by the MAS. This will extend to determining the rights that are attached to it, as well. Remember that digital tokens can ultimately come to us in a variety of different forms. A new payment services framework is discussed by the MAS in the recently-released guide.
Of course, digital tokens are subject to problematic possibilities like laundering or terrorism. These are factors that the MAS will continue to examine carefully, as it seeks to elaborate on the information it has already put forth.
About the Author
Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, he writes different topics like Singapore’s future economy committee to focus on five key areas, Bitcoin in Singapore and all topics related to Singapore Economy. If you want to know more about Business Registration Singapore visit our website.
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