MAS Issues Guidance on Application of Laws to Digital Token Offerings

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. The guide also contains case studies that illustrate how the relevant laws administered by MAS may apply. MAS emphasizes that the case studies are for illustrative purposes only. They are not indicative or conclusive of how the relevant laws will apply to a particular case involving an offer or issue of digital tokens. The illustrations in the case studies are not exhaustive and deliberately avoid labeling by using terms such as “utility token” or “stablecoin.”

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