April 05, 2019

MAS updated the guide to digital token offerings under the Securities and Futures Act (SFA). MAS provides general guidance on the application of the relevant laws in relation to offers or issues of digital tokens in Singapore. The guide includes case studies to illustrate how the relevant laws administered by MAS may apply to offers or issues of digital tokens.

The content of this guide is not exhaustive, has no legal effect, and does not modify or supersede any applicable laws, regulations, or requirements. Offers or issues of digital tokens may be regulated by MAS if the digital tokens are capital markets products under the SFA. Capital markets products include any securities, units in a collective investment scheme, derivatives contracts, and spot foreign exchange contracts for purposes of leveraged foreign exchange trading. MAS will examine the structure and characteristics of, including the rights attached to, a digital token in determining if the digital token is a type of capital markets product under the SFA.

The guide also includes information on application of sandbox criteria on digital tokens that are regulated by MAS. Any firm that is applying technology in an innovative way to provide financial services that are regulated by MAS can apply for the regulatory sandbox. MAS expects that interested firms would have done their due diligence, such as testing the proposed financial service in a laboratory environment and knowing the legal and regulatory requirements for deploying the proposed financial service, prior to submitting an application. If an application is approved, MAS will provide the appropriate regulatory support by relaxing specific legal and regulatory requirements prescribed by MAS, which the applicant would otherwise be subject to, for the duration of the sandbox.

 

Keywords: Asia Pacific, Singapore, Banking, Securities, Digital Token Offerings, SFA, Fintech, Regulatory Sandbox, Crypto-Assets, MAS

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