Singapore Cautions 8 Crypto Exchanges Against Unauthorized Trading

Singapore: In a statement released today 24th May, the Monetary Authority of Singapore (MAS) has sent warnings to 8 cryptocurrency exchanges within the country to desist from unauthorized crypto trading, especially, trading that involves securities or futures contracts. MAS also instructed an issuer of Initial Coin Offering (ICO) to stop offering its digital tokens to investors within the country.

Last year, Singapore had warned the general public to consider the risks involved in trading cryptocurrencies before investing in it. Singapore stressed that cryptocurrencies function in an unregulated environment and it does not consider them as legal tender.

MAS added that it would take steps to regulate ICOs and the use of cryptocurrencies if they involved products regulated under the countrys Securities and Futures Act. The move was driven by the rash move of using ICOs or cryptocurrencies as a means of raising funds.

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