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.
“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.