Singapore updated the rules for ICO members

The Monetary Authority of Singapore (MAS) updated the rules for participants in ICO campaigns.

According to the new management, the organizer of the ICO must obtain a license to provide services in the capital markets. Those who provide financial advice on ICO tokens are required to obtain a license from a financial advisor. In turn, the exchanges that sell coins, you must pass the test from MAS.

All three key participants in ICO campaigns are required to take measures to combat money laundering and the financing of terrorism (AML / CFT).

In 2017, MAS published a guideline on when ICO tokens may be subject to the norms of securities laws. The updated rules state that if a token is not a security, it may still need a license, which confirms its compliance with the AML and CFT rules. The MAS document considers 11 hypothetical circumstances that determine the classification of a token.

In addition, ICO members are required to report people who violate AML and CFT rules and are legally responsible for this.

In November, MAS introduced a new regulatory framework for cryptocurrency payment service providers.

Earlier, BlockchainJournal reported that the Financial Services Agency of Japan (FSA) plans to tighten the regulation of the ICO sphere.

Subscribe to the BlockchainJournal news in Telegram: BlockchainJournal Live – the entire news feed, BlockchainJournal – the most important news and polls.