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Singapore is a leading jurisdiction in terms of ease of doing business, level of economic freedom and one of the few jurisdictions where the law is business and business friendly. Thanks to this, the Singaporean system allows the development of a variety of innovative projects, including those related to cryptocurrencies, blockchain technologies and access to ICOs.
Singapore is a leading jurisdiction in terms of ease of doing business, level of economic freedom and one of the few jurisdictions where the law is business and business friendly. Thanks to this, the Singaporean system allows the development of a variety of innovative projects, including those related to cryptocurrencies, blockchain technologies and access to ICOs.
The city-state has already become one of the centers of attraction for blockchain startups that wish to enter the ICO, thanks to various benefits, easy taxation rules and state support. Currently, Singapore is considered a "paradise for ICOs". Already, many startups in Singapore have attracted serious investments.
Singapore was the first jurisdiction to host an Ethereum token sale by local company Digix Global in early 2016. Until the beginning of 2017, this model matured and attracted more and more interest. During this time, Singapore has witnessed many highly successful ICOs, such as the blockchain platform Tenx raised $80M, Qtum $15.6M and Golem $8.6M. By the way, the aforementioned Status and SONM also chose Singapore as the jurisdiction for registering the company (formerly SONM was registered in Switzerland).
Registering a company in Singapore is an easy process, which also makes it attractive for ICO purposes. The Central Bank of Singapore has allocated $166 million to support fintech projects. And to attract crypto-assets, as mentioned above, he was the first in the world to create a digital token on the ether blockchain in order to facilitate interbank payments.
Until now, Bitcoin and other cryptocurrencies have been considered an unregulated asset in Singapore, and this has also attracted many companies here. But on August 1, the Monetary Authority of Singapore announced that the supply and issuance of digital tokens in Singapore would be subject to government regulation where the digital tokens are products covered by the Securities and Futures Act. At the same time, cryptocurrencies themselves still remain outside the legal field.
Singapore is currently drafting amendments to its bidding rules that would allow the Monetary Authority of Singapore to act as a regulator for certain ICOs. Such interference will take place only if, by all indications, the tokens that are placed for sale can be characterized by the regulator as shares or other securities. But, it is worth noting that at the same time, the government emphasized that such a move to regulate tokens does not mean at all that Singapore intends to close the doors to the ICO. According to assurances, the government only wants to secure the process without hindering it in order to open it to a wider audience, and not just to a small number of specialists.
The Monetary Authority of Singapore emphasized that the variety of digital tokens that are offered in Singapore and around the world is extremely wide. Some of them will fall under the Securities and Futures Act, others will not. Therefore, it is important for all issuers of digital tokens, platforms that organize their trading, and all others who are related to this, to obtain detailed legal advice on whether their activities comply with the current legislation of Singapore. Consultants are always aware of all such news and changes in legislation and will be happy to assist you.
By listing your tokens on behalf of a company registered in Singapore, you will increase investor confidence in the ICO. Behind every successful ICO is serious work aimed at making the project widely recognizable and making investors want to participate in it. We have developed a special set of services specifically in order to maximize the effect of the work that the project team is engaged in. By contacting us, you will receive solutions that will allow you to show excellent results at the ICO and ensure the implementation of your goals.