Singapore new rules in having an ICO

Lebedev

Lebedev

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Jun 26, 2018
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Monetary Authority of Singapore (MAS) has recently updated the rules for companies running ICOs.

Singapore new rules in having an ICO


According to new instructions, ICO organizer is now has to get a special license for provision of services on the capital market. Those, who give advice during token sale (advisers) now must get another license as a financial adviser. In its turn, cryptocurrencies exchanges have to be checked and certified by the MAS itself.

How you see, right from this moment, all players of ICO must take steps to fight against money-laundering and terrorist financing (AML/CFT).

Before, in the year 2017, another document dedicated to ICOs was published. There were written when tokens can get under control of laws about securities. In the latest document however, they say that even if token isn’t considered to be a secure, it must have a license proving it works under AML- and CFT-rules. In MAC’s paper there are 12 potential cases defining type of token.

What is more, ICO participants also have to tell the government about people breaking AML/CFT rules, otherwise, they will be responsible for keeping it in secret.

Some time before, MAC has announced a new legal base for those who work in cryptocurrencies payment industry.
 

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