Tokens Not Yet To Be Regulated As Securities In Singapore
The representatives of the Singapore financial regulator believe that the existing tokens shouldn’t be subject to securities regulation, CoinDesk reports.
Damien Pang, a senior official at the Monetary Authority of Singapore (MAS), made such a statement at Consensus Singapore 2018.
This position of the financial regulator may differ from the opinion of foreign central banks, but each of them is able to work out its criteria regarding tokens, which can be considered as securities, Pang believes. For example, the US financial regulator, which is now considering the issue and has no solid position, can come to a different decision.
MAS divides tokens into several types, such as utility tokens, payment tokens, and security tokens. Their classification and characteristics vary over time. According to Pang, the financial regulator carefully studies the technology of tokens and their other peculiarities. If tokens have the properties of securities, MAS will be able to control them in accordance with the existing regulatory documents.
The central bank of Singapore has no intentions to regulate tokens, which provide access to any services. However, the country's authorities can pass a law whereby tokens which have storage and payment values will be regulated towards the end of 2018, Pang added in his speech to the audience.
Earlier, the team of the South Korean trading platform Upbit announced the upcoming opening of a Singapore-based subsidiary in October.