Singapore Warns 8 Crypto Exchanges Against Unauthorized Securities Trading
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Singapore’s central bank and financial regulator has warned eight crypto exchanges against facilitating the trading of digital tokens deemed as securities and futures contracts without prior approval.
In an announcement today, the Monetary Authority of Singapore (MAS) revealed it had reminded eight unnamed crypto trading platforms to seek its authorization prior to offering any trading of digital tokens that ‘constitute’ securities or digital tokens.
“If the digital tokens constitute securities or futures contracts, the exchanges must immediately cease the trading of such digital tokens until they have been authorized as an approved exchange or recognized market operator by MAS,” the country’s de-facto central bank and watchdog said in a statement.
The measures come at a time when the number of exchange platforms and digital token offerings “has been increasing” in Singapore, MAS capital markets official Lee Bon Ngiap said.