The Monetary Authority of Singapore (MAS) has updated its guide for businesses that want to raise capital via initial coin offerings (ICOs).
The modified draft follows up to the announcement of introducing a “New Payments Framework” made in the original draft. It elaborates the Singapore central bank’s stance on how certain intermediaries should observe its instructions based on Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) policies.
These intermediaries include almost every participant that is involved in the activities related to an ICO asset. From those that produce the tokens to those that facilitate their trading on their online platforms to those that provide financial consultation regarding these tokens — everybody is subjected to the law. For instance, an ICO issuer must obtain capital markets services license, financial advisers must get a financial advisory license (from the FAA), and a digital asset exchange must be approved and acknowledged by the MAS.