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Articles

Initial Coin Offering in Singapore

Updated on Wednesday 20th December 2017

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Initial-coin-offering-in-SingaporeFor a while now, cryptocurrencies have become popular all over the world. The same has happened to startup companies which have started to grow in numbers in countries with a developed Internet infrastructure. Singapore is one of the countries where the use of blockchain technology for the creation of cryptocurrencies is quite common nowadays.

Blockchain technology can be used by Singapore companies seeking to gather funds through initial coin offerings, also known as ICOs. This way, Singapore is now of the most popular locations in the world for the issuance of ICOs. Our Singapore company formation agents can offer a definition of initial coin offerings.

Legislation related to initial coin offering in Singapore

Not long ago, the Monetary Authority of Singapore (MAS) has announced several guidelines for the issuance of initial coin offerings by local companies. However, it is important to notice that the MAS has not adopted yet specific regulations which give Singapore ICOs a legal framework to follow.

The current guidelines provide for ICOs to be digital coins or tokens which comply with the Securities Futures Act. In other words, the cryptocurrency to be issued must enter one of the following categories which can be marketed as:

  • -          shares in a company;
  • -          debentures;
  • -          units in collective investment schemes (CIS).

Our company registration specialists in Singapore can offer detailed information on the Securities Futures Law which regulates ICOs at the moment.

How to set up an ICO in Singapore

The first thing to know is that ICOs can only be issued by private companies in Singapore. This is the main difference between initial public offerings (IPOs) which are issued by public companies and ICOs which can be only be issued by private companies.

The first step to issue an ICO in Singapore is to register a company with ACRA. Following that, the business can create the cryptocurrency which will be traded in order to obtain funds for the future development of the company. No license is necessary for the issuance of ICOs at this point, however the MAS will review the digital tokens before being issued.

If you are interested in setting up a fintech startup with the purpose of issuing ICOs, please contact our Singapore company formation consultants for assistance.

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