Singapore Initial Coin Offering Updated Guide Released

Singapore Initial Coin Offering Updated Guide Released

Introduction

Initial Coin Offerings (ICO) is a way to raise capital for a new cryptocurrency without obtaining a bank loan or similar conventional means of financing. Cryptocurrencies are still quite a new development in the world of finance, having only truly taken off in the last few years. As such, the regulations still require alterations across many global jurisdictions.

Singapore, while a small country, is very much a world leader in many aspects. It is known to be among the smartest, safest and most technologically advanced nations in the world, and is also known for its financial services market, putting it at the very forefront of the ICO discussions.

The Updated Guide

The initial ICO guide was released by the Monetary Authority of Singapore (MAS), which is the nation’s Central Bank. The aim was to provide companies with a set of guidelines to follow if they were considering proceeding with an ICO.

This latest update has come about to combat issues that are coming to a rise in the area of ICOs. Some of the critical introductions are the Anti-money Laundering (AML) and Countering Financing of Terrorism (CFT).

These updates are important and are a requirement to ensure the optimal growth and security in the matter of cryptocurrencies.