Singapore Warned Eight Exchanges for Unregistered Securities Trading
The authority says:
“If the digital tokens constitute securities or futures contracts, the exchanges must immediately cease the trading of such digital tokens until they have been authorized as an approved exchange or recognized market operator by MAS.”
MAS has warned an initial coin offering (ICO) organizer has stopped them from selling tokens in the country. It says the project breached the SFA since the tokens as they represent equity ownership in a firm are considered securities.
The authorities also banned them from offering the token in Singapore and returned funds received from local investors.
Lee Boon Ngiap, assistant managing director at MAS, says, There has been an increasing number of cryptocurrency exchanges and ICOs in Singapore.
“If any digital token exchange, the issuer or intermediary breaches our securities laws, MAS will take firm action. The public should be aware that there is no regulatory safeguard if they choose to trade on unregulated digital token exchanges or invest in digital tokens that fall outside the remit of MAS’ rules.”