MAS Initial Coin Offering
The rise of ICO crowdfunding model brings multiple benefits and challenges at the same time. Benefits in a sense that it is helping a number of individuals and well as companies in raising funds to complete different projects. The challenge in a sense that as it is a new method and very little knowledge is available till now regarding its pros and cons. This lead to prompt actions from many regulatory authorities and as a result, we have seen a ban on this model in some countries while some countries issue strict regulations for ICO like Mass token ICO.
One of the countries where regulations have been done includes Singapore. The regulatory authority of Singapore named as MAS issued an advisory in May 2018 and halt the ICO launchings according to ICO report news.
Later in the same year in the first second week of November, they issued regulations to regularize the ICO model of fundraising and also to bring it under the tax system.
According to these regulations they maintained that dealing in digital tokens are not immune from AML & CFT requirements. The PSB law was declared as the regulatory law for digital token trade and also AML & CFT procedure will also be a requirement in this regard. These regulations will have positive as well some negative impacts too on this model but in long term, it will bring more transparency in this fundraising model.