Monetary authority of Singapore (MAS) has warned eight kryptomere about the inadmissibility of trade of digital tokens, which are securities or futures contracts without permission. This is stated in a statement posted today on the Agency’s website. The names of these platforms are not disclosed.
The office also said that recently asked one of ICO project to cease to offer their tokens to investors in Singapore, as they fall under the definition of securities. The Issuer immediately fulfilled the order and returned all funds received from investors from Singapore.
In addition, the Agency once again reminded that issuers of digital tokens, intermediaries and platforms that offer tokens or trade them responsible for compliance with applicable laws.
In spite of sent out warnings to ban the crypto currency exchange in the country still do not intend to.
“Kryptomere the number of tokens and sentences in Singapore is growing. We see no need to limit them if it’s bona fide projects. But if the exchange, Issuer or agent will violate our securities laws, MAS will take tough measures. People need to understand that if they choose to trade on unregulated exchanges or invest in tokens that violate the law, they should not rely on regulatory protection,” said Deputy managing Director of MAS Lee boon GAAP (Lee Boon Ngiap).
Currently, Singapore is one of the most friendly jurisdictions in relation to cryptocurrency exchanges. In February, Deputy Prime Minister of the country called digital tokens “experiment” and said that the authorities have no compelling reasons to prohibit the trade.