How the Singaporean Central Bank and financial Supervisory authority (MAS) on 24. May announced, has shown a yellow card eight Crypto stock markets due to the lack of licensing. In addition, they stopped for a ICO and demanded the repayment of all investments from Singapore. The island nation is now but a crypto-regulation on the way?
Although Singapore has distanced itself so far from a crypto-regulation and, instead, to Anti-money laundering controls is limited, however, crypto exchanges are not able to turn into the island state in the exercise and how you like it. Here, the financial Supervisory authority must issue a license for securities trading, before crypto-exchanges can be active.
Previously unknown crypto exchanges warned
Non-licensed crypto exchanges are constantly running the risk of the state financial supervision authorities warned. Is only issued a warning to the stock exchange itself, it can also quickly see the publication of this follow. Like BTC-ECHO reported recently, published, the competent authorities of France and Belgium, corresponding to the black lists, with Websites that the user wanted to warn. What is the impact of the numbers of these notices to the user, it is not difficult to guess. In addition, a ban by the authorities is, of course in the case of Non-Action, the’ve officially rebuked the company.
The Singapore MAS has not announced the names of the eight-‘ve officially rebuked crypto exchanges so far. Also, there is no information about whether it had come on the platforms to suspicious activity, such as in France or complaints about the Exchanges, such as in Belgium. The MAS stressed but relying on the Securities and Futures Act (SFA), a law providing for the regulation of activities and institutions in the securities, futures and derivatives industry:
“If the digital Token to the Securities or Futures represent Contracts, the stock exchanges, the trading with these digital Token immediately to you as an approved Exchange or a recognised market have been authorized operators by the MAS.”
ICO must be set up in Singapore
In addition, the MAS requested an ICO-Issuer to be on offer in Singapore. His Token would represent the right of ownership in a company, and thus according to the SFA a Security Token. The registration with the MAS is necessary, what is missing in this case. For this reason, the MAS has demanded the repayment of all investments from Singapore. This requirement, the Issuer has complied with according to the MAS:
“The [ICO]-Issuer must set the offer and remedial action to be taken in order to comply with the provisions of the MAS. He has also paid all the money back from Singapore-based investors.“
Exact details on the ICO and the spent amount there is not. Lee Boon Ngiap, Assistant Managing Director of MAS, do not want to give the impression that Singapore introduce strict regulatory measures regarding crypto exchanges and ICOs. Instead, he announced that the crypto-rose offers in Singapore significantly. For this purpose, he stressed, according to Finews.Asia:
“We see no need for limiting it, if it is honest company. It should, however, failed to a crypto-Exchange, an Issuer or an intermediary that violate our securities laws, to take the MAS strict measures.“