Singapore brings in ICO guidelines

Monetary Authority of Singapore (MAS) has been known for its proactive nature of doing business. It is also known for various firsts and again it has hit the market with another first, “set of guidelines for initial coin offering (ICO)”.

I will talk about various initiatives taken by MAS for clarifying multiple aspects of the tokens and the token economy without diluting the laws to protect its citizens. The intention of the MAS is pretty clear through bringing in the guide on ICO, I can list them as follows:

Singapore is going to be the Crypto Island if not the valley

MAS has clarified on the terms of setting up primary as well as secondary platform for setting up exchange as well as ICO platform and applicable sections of SFA. It has also clarified on the positioning of the advisors who advise the investor as well as a start up for raising funds from the ICO and applicability of FAA in that regard.

Considering the regulatory sandbox that was offered earlier to technology start ups, Singapore has already taken a lead as China and India have struggled to bring in regulations. Thus Singapore has encashed the opportunity by tapping the regulatory vacuum created by large economies. Now Indian and Chinese as well as whole ASEAN start ups will move to Singapore for raising funds through ICOs as it is legal there and not in their own country.

MAS has hit a real jackpot by importing the blockchain start ups to its land and created the most vibrant culture of regulations that such new enterprises look for. Creation of dependable regulatory framework will help MAS to make Singapore as a Crypto Island.

MAS has provided us following opportunities:

Do let me know how all of us can work together to build the democratic way of doing business using this democratic blockchain technology. Happy to help your start ups in blockchains..

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