We can see Singapore stance on crypto from this interview report by Bloomberg’s Haslinda Amin with the Monetary Authority of Singapore Managing Director Ravi Menon.
MAS classifies crypto as Digital Tokens into THREE categories.
- Utility token for payment on computing services is safe and needs no regulations in Singapore
- Security tokens cover all crypto tokens that have the characteristics of security is regulated or restricted in Singapore
- Payment tokens like bitcoin are legal or tokens whose primary function works similarly
“If they are not a security, then we don’t have a problem with it. We’ve seen quite a lot of ICO activity that is not security related,”
“And there’s a lot of interesting business models out there trying to raise capital in interesting ways, which as far as the consumers are aware of what these are, we have no issues.” he said.
What’s interesting is on ICO, MAS is pretty relaxed over all the ICO activities in Singapore as long as the ICO follow the three key points;
- Do not run the ICO like a security offering
- Make sure your consumers know the risk involved
- Do the due diligence in preventing money laundering
“You and I can invest in lots of very silly and dubious things. You can’t expect the government or the regulator to regulate all manner of items in which people put their money,” he said.
Certainly added some bit of clarities here. I am glad we had placed much focused on those 3 points from showing prominent risk warnings on using our Community Based Creation(CBC) tokens to taking on the extra mile integrating with MyInfo for improving authenticity in our ID verification process.
TLDR:ICYMI
iLINK is the first location-based social commerce platform powered by blockchain technology, that has 3-core functions.
Geosocial community networks, Hyperlocal business and service portal and E-commerce marketplace.
The iLINK ecosystem presents a new form of socio-economic relations, brings local users, communities, businesses, and organisations together, facilitates P2P, B2B and B2C interactions in local communities, where people, businesses, and non-profit organisations actively participate and share in the value they co-create.
