Singapore has issued warnings to 8 exchanges for the unlicensed trade tokens-stock

De facto Central Bank of Singapore the Monetary authority of Singapore (MAS) has issued a warning to eight exchanges, trading digital tokens. The regulator warned that they avoided deals with the tokens that fall under the definition of securities or futures contracts.

In a press release published on Thursday, MAS said that warned the exchange about the need to obtain permission to trade of digital tokens, which are regulated by the Law on securities and futures. The regulator said:

«If the digital tokens are securities or futures contracts, the exchange must immediately stop their trade before obtaining the permission of the controller, which will make the site a licensed market operator is entitled to carry out such transactions».

MAS also made one unnamed Issuer ICO to stop selling their tokens in the country. The warning States that the project violated the Law on securities and futures, as tokens, representing the company’s shares are considered securities. In accordance with the statement of the Issuer currently stopped selling tokens in Singapore and returned the funds received from local investors.

According to Lee Bon NIAAA (Lee Boon Ngiap), assistant Director of the MAS in Singapore increased the number of exchanges, trading digital tokens, and also increased the number of ICO.

«If any exchange of digital tokens Issuer or intermediary will violate our securities laws, MAS will take decisive action,» he said. «People should know that we will not be able to protect them if they prefer to trade on unregulated digital exchanges a digital token or invest in tokens that do not fall under the purview of MAS».

Recently there was a message, stating that Singapore and Hong Kong have become centers ICO in Asia, due to the influx of companies and investors from other Asian countries, where cryptocurrency trading or ICO is prohibited. In this regard, the interest of the regulator to the industry is understandable.

In addition, not long ago, the Central Bank of Singapore stated that it is considering new rules on the protection of cryptocurrency investors. It happened the other steps of the regulator, showing the increased interest of monetary authorities to the cryptocurrency industry. Earlier it was reported that the Deputy Prime Minister of Singapore Tharman Shanmugaratnam (Tharman Shanmugaratnam) said that Singapore is unlikely to ban cryptocurrency trading.

 

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