News Regulation

Singapore’s central bank issues a warning to 8 crypto exchanges and orders an ICO to stop issuing tokens

On May 24 the Monetary Authority of Singapore (MAS), Singapore’s central bank, said that it had issued a warning to 8 crypto exchanges over securities compliance and ordered an ICO to stop issuing tokens.

According to the MAS press release, operators in the city-state «are responsible for ensuring that they comply with all relevant laws».

MAS’ assistant managing director of capital markets Lee Boon Ngiap said:

«The number of digital token exchanges and digital token offerings in Singapore has been increasing. We do not see a need to restrict them if they are bona fide businesses. But if any digital token exchange, issuer or intermediary breaches our securities laws, MAS will take firm action».

The press release does not name the specific exchanges and ICO issuer involved.