Singapore central bank bars initial coin offering for breach of securities law

  • Singapore’s central bank stopped an initial coin offering (ICO) because the issuer flouted the city state’s securities law and published details without having been exempted from releasing a prospectus.
  • The Monetary Authority of Singapore (MAS) says it barred the ICO after details of the offering was advertised on LinkedIn, the social network for professionals that’s owned by Microsoft Corp.
  • Singapore’s Securities and Futures Act (SFA) requires issuers to seek an exemption from having to register a prospectus with the central bank before publishing details of an offering.
  • 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”, MAS says in a statement on January 24.

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