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The Singapore government says it will step in to regulate the offer or use of digital tokens if these involved products regulated under the country’s Securities and Futures Act.
The move was prompted a recent spate of launches in which initial coin offerings (ICOs), or digital tokens, were tapped as a means of raising funds, said Monetary Authority of Singapore (MAS) in a statement Tuesday. It defined digital tokens as “a cryptographically-secured representation of a token-holder’s rights to receive a benefit or to perform specified functions”. These included virtual currencies, which functioned as a medium of exchange, a unit of account, or a store of value, it said.