Singapore Updated The Rules For ICO Members
The Monetary Authority of Singapore (MAS) has updated the rules for participants in ICO campaigns.
According to the new rules, ICO manager have to obtain a license to provide services in the capital markets. Those who provide financial advice on ICO tokens required to obtain a license from a financial advisor. In turn, the exchanges that sell coins, need to pass the test from MAS.
All key participants of ICO campaigns are required to take measures to combat money laundering and the financing of terrorism (AML/CFT).
In 2017, MAS published a guideline about ICO tokens as subject to the norms of securities laws. The updated rules state that if a token is not a security, it may still need a license, which confirms its compliance with the AML and CFT rules. The MAS document considers 11 hypothetical circumstances that determine the classification of a token.
In addition, ICO members are required to report people who violate AML and CFT rules and are legally responsible for this.
In November, MAS introduced a new regulatory framework for cryptocurrency payment service providers.