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Singapore became a paradise for ICO, and the mainland moved the plates to Singapore

publish time:2017-11-15 00:48:20 publisher:超级数字资产交易平台
Last June, the monetary authority of Singapore (Monetary Authority of Singapore, "Singapore's central bank") for financial technology companies launched a "regulatory mechanism, provide a" sandbox "sandbox experiment" for the financial product opportunities, participation in the Fintech reported in advance under the condition of development and the current laws and regulations of the conflict business or product. Even if the official termination of the relevant business, it will not be held related legal liability. This is equivalent to the selected companies a training range, real-time training and sand table exercise, testing more new products.
Singapore became a paradise for ICO, and the mainland moved the plates to Singapore
Regulatory sandbox is currently aimed at P2P loans, Insurtech (Insurance Technology) and payment technology testing (including block chain technology), but there is no great interest in ICO products.
Will Singapore, like many heavily regulated countries and regions, only be interested in block chain technology, but have little interest in its derivative ICO? Not necessarily.
Singapore has become one of the destinations for ICO
What exactly did the Singapore Central Bank say to ICO?
In August 1, 2017, the Singapore Central Bank MAS issued a public statement to oversee the ICO activities involving the Singapore securities and Futures Act (SFA).
The following is a series of complaints between SFA and ICO.
If the nature of the ICO activity belongs to the issue of securities, then it will fall within the scope of SFA supervision, the need to complete some of the prescribed procedures, such as the submission of prospectuses. So the reason is very simple, whether the ICO belongs to the regulatory object, we must look at its attributes, not counting "Securities and Futures Bill" in the definition of products. There are exceptions, such as small issues, private placements and securities issued by accredited institutional investors that are not within the scope of SFA regulation.
It is worth mentioning that, if ICO does not fall into the scope of supervision, there is no need to go through the process of issuing securities, only ICO white paper is enough. Moreover, the Singapore government has not made any rigid demands on the contents of the white paper, which should be decided by the issuer of electronic tokens.
The contents of the general white paper include:
What needs will the project solve?
How much money do you need to pay for your project?
How many electronic tokens will the ICO sponsor retain for himself?
What kind of currency do you accept? And the specific rules and duration of ICO activities.
At the same time, the nature, accuracy and integrity of white paper information have not yet been clearly defined. Singapore seems to be confident that there won't be a white paper frenzy in its territory.
So what does the Singapore Central Bank want players to do?
Notes to Singapore ICO

Such regulations are quite vague, and many products involved in ICO activities include two attributes: product / service and securities investment. If in the unregulated "ICO Mania" period, the issuer to promote investment and investment value of the electronic tokens is definitely the best marketing, but now the game player should consider is how to highlight the token issued "goods and services" gene, this is Singapore on ICO activity release reason.

So, the supervision does not, a lot of martial law can still be adopted piecemeal, play it by ear. After all, digital tokens varied, the issue or sale is in the scope of regulation requires specific analysis of specific cases the HKMA proposes each game player (including the intermediary and the trading platform) should find legal advice, don't save fees but bad trouble, [7.5] had an exclusive interview with the Singapore ICO myth TenX spent 5% money in a lawyer on (poking me). As for the control of anti money laundering and anti terrorist financing, the Central Bank of Singapore has not explicitly defined it, but only in the statement that these will be added in the future, and the scope of supervision will spread to the intermediary.
And the top priority of the whole statement is: as long as the electronic token issuers are registered in Singapore, no matter where the ICO activity is located, it will be supervised by the Singapore government. Because the Singapore Central Bank believes that the only place to issue overseas moves a little bit "here without silver three hundred and twenty."". Obviously, the Singapore as a soft persimmon to circumvent regulation "geshandaniu" is not a good option.
I do not know is not all of a sudden the words too full, terrified of each game player, Singapore's central bank reiterated on October 2nd again in Parliament: "the current supervision will focus on companies involved in equity and securities law ICO activities, for retail investors buy tokens and other legitimate investment behavior, I do not wish to have no power to intervene. However, this Council expects users to invest rationally and alert to fraud and risk."
Korea and China have entered the "ICO regulatory period", Singapore and Japan are still waiting
As to Uniblock partner Iris Zhang domestic enterprises to develop the Southeast Asian electronic trading platform of the tokens in an interview said: "the ICO investors than equity investors actively, because the exit from the ICO to participate in the exchange, have the opportunity to get high returns in a few months (high risk), like the need to wait for many years as equity investment and this is more suitable for Southeast Asian investors." After the domestic ICO silence, they choose to enter the Southeast Asian market such as Singapore and Philippines market. At present, the company in Philippines has been registered, and the team building is basically completed.
For entrepreneurial projects, Iris also expressed itself