Singapore’s MAS issues Guide to Digital Token Offerings

On 14 November 2017, the Monetary Authority of Singapore (MAS) issued a guide during the first day of the Singapore FinTech Festival to provide general guidance on the application of the securities laws administered by the MAS, namely the Securities and Futures Act (SFA) and the Financial Advisers Act, to offers or issues of digital tokens in Singapore.

This follows the MAS’s clarification on 1 August 2017 that an offer or issue of digital tokens would be regulated if these tokens constitute products which are regulated under the SFA. Our e-bulletin in August 2017 regarding the clarification can be accessed here.

In our recent bulletin, we highlight the key points in the MAS guide and set out our observations. If you wish to discuss this further, please do not hesitate to reach out to our Asia team (below) or your usual Herbert Smith Freehills contact.

Key contacts

Will Hallatt
Will Hallatt
Partner, Hong Kong
Email | Profile
+852 2101 4036
Siddhartha Sivaramakrishnan
Siddhartha Sivaramakrishnan
Partner, Singapore
Email | Profile
+65 6868 8078
Hannah Cassidy
Hannah Cassidy
Partner, Hong Kong
Email | Profile
+852 2101 4133

Herbert Smith Freehills LLP is licensed to operate as a foreign law practice in Singapore. Where advice on Singapore law is required, we will refer the matter to and work with licensed Singapore law practices where necessary.

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The SMCR was introduced in response to the 2008 banking crisis and the LIBOR rigging scandal to enhance individual accountability and create a culture of risk management and compliance. It has applied to banks, building societies and certain investment firms since March 2016, with a modified regime for insurers (known as SIMR). It is anticipated the extended regime will largely follow the current SMCR.

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Regulators around the world become more vocal regarding the potential risks associated with ICOs

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Bank of England launches fintech community and FCA publishes discussion paper on distributed ledger technology

In March 2017, the Bank of England FinTech Accelerator launched a new fintech community. The new community has three main objectives:

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  • to increase networking across fintech-related organisations.

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