MAS halts local Securities Token Offering for regulatory breach

The Monetary Authority of Singapore (MAS) halted an initial coin offering (ICO) issuer from proceeding with its securities token offering in Singapore until it can completely comply with regulatory requirements under the Securities and Futures Act (SFA). MAS reminded consumers to understand the benefits and risks of any product or service before committing to an investment.

The issuer had intended to rely on an exemption under the SFA, which allows an issuer to make an offer of securities to accredited investors without registering a prospectus with MAS. The exemption is subject to certain conditions, including a requirement not to advertise the offer. The issuer failed to comply with the advertising restriction. The legal advisers put out a LinkedIn post accessible to the public calling attention to the offer. As such, the issuer would not be able to rely on the exemption from prospectus registration. Following MAS’ warning, the issuer has suspended its global securities token offering.

For more information on the above click below link:
Click to read the full article (MAS Medial Releases)

Date 24th January 2019





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