The Singapore financial regulator announced a law on tokens


#1

According to the Monetary Authority of Singapore, which acts as a financial regulator, transactions with tokens can not be regulated in accordance with the provisions of the Securities Act. Therefore, a separate law will be adopted to regulate crypto-currency transactions. This is reported by CoinDesk.

According to Damien Pang, a representative of the financial and innovation department of the agency, the opinion of the Singapore regulator may be very different from the position of regulators in other countries where operations with digital assets are performed.

Pang stressed:
“The regulator does not plan to regulate the tokens in accordance with the norms intended for transactions with securities. However, before the end of the year in Singapore, a separate law can be adopted, according to which all virtual assets that are used for payments and storage will be subject to regulation.”

Earlier, the Monetary Authority of Singapore urged local investors to refrain from buying digital assets so as not to fall victim to fraudulent schemes and increased volatility of bitcoin and altcoins.


#2

This is good. Of course they can’t regulate tokens as per same laws of securities but they will amend the laws later on, I believe. Baby steps in the right direction, I would say.


#3

what will be good that applied
monetary authority know how to be regulated to make safe for fraudulent schemes prevention


#4

I was very impressed with Singapore, always giving support to the ideas of the people.
the more clear, Singapore becomes the crypto community paradise.


#5

i want my country accept crypto and help so that we can invest in crypto to earn and make future good


#6

Sometimes I really don’t understand what you’re trying to say. At least give some time to your sentences before posting. This is not a race to win, post only useful and meaningful posts or BM might consider your posts as spam.


#7

Whole Singapore country is smaller than one of our city chennai but still they have achieved so much because they value their citizens and do things which will benefit them in long term. They’ll keep on impressing you.


#8

wow
singapore deserve our thanking
if our country doing so for its citizens and value so we really do something special easily to make our life easier


#9

These small steps will bring bigger changes later on. Crowd always needs someone to follow and these countries will lead the way in future.


#10

Yeah, great decision. We all know, cryptocurrencies are much much more volatile compared to securities. Plus exposure of virtual currencies to risk is a lot higher than securities. Imagine, it is online and can be accessed by anyone knowledgeable of it, whether banked or unbanked, unlike securities you got to deal with the procedures and comply with the rules and unbanked people cannot or have difficulty to get in and be involved. These are like fruits but of different kind. As they say, you cannot compare an apple to an orange. We shall all look forward on how they will treat the cryptocurrencies and the differences they made compared to the rulings over securities.