15 November, AtoZForex Singapore’s Monetary Authority of Singapore (MAS) has stated that they haven’t seen any tokens as securities yet.
Damien Pang- Head of Technology Infrastructure confirmed at Coindesk’s Consensus Singapore 2018, that his organization does not see any guarantees in tokens yet.
Observers found his statement conflicting with the fact MAS acknowledges more than 1000 tokens today.
MSA to Regulate Payment Service Bill
The regulatory body gave such a conclusion at the summit, taking into consideration the past, current and future characteristics of tokens, and not only the underlying technology.
It is worth mentioning here that MSA divides tokens into 3 categories: utility tokens, payment tokens, and securities.
“The MAS does not intend to regulate utility tokens that are used to access certain services. But a payments service bill is expected to be enacted by the end of this year to apply to payment tokens, which have storage and payment values.”, as per Pang.
News resources reported that Pang pointed out o that the Singapore’s securities and futures act will apply to the assets, whose characteristics become “more aligned with features of securities offerings, such as promising future earnings”.
… And Warns of a Scamming Bitcoin Website
In a parallel context, the Monetary Authority of Singapore (MAS)- the country’s central bank, has issued a statement warning people about a website soliciting bitcoin investments, attributing comments falsely attributed to Tharman Shanmugaratnam, the MAS chairman and Deputy Prime Minister.
“The statements attributed to Tharman on the website are misleading and false”, MAS noted, except for his statement that “the country’s cryptocurrency trading is low”.
The authority strongly advised people to abstain from providing personal or financial information on the website, as the latter encourages people to create a bitcoin account using a bank account or credit card.
The authority had warned at an earlier time of dealing with unregulated crypto platforms, and issued on Dec. 19, 2017, a notice about the risks associated with cryptocurrency.
In his turn, Tharman said citizens could “lose their shirts” investing in cryptocurrencies- In response to a Parliamentary question on Feb. 5, 2018.
The regulatory body recommended as well to call the law enforcement, in case of suspecting an investment.
The MAS also halted an ICO at the time, claiming the issuer violated securities law after the central bank found the tokens represented equity ownership in a company and the offering did not have the required MAS registered prospectus.
MAS had issued last November a guide to digital token offerings while the central bank was reviewing if more regulations are needed to protect investors from the risk posed by cryptocurrencies.