Ms Stefanie Yuen Thio, Joint Managing Partner of TSMP, shared her thoughts with The Business Times in response to the MAS’s stand on ICOs being regulated by securities laws.

“Sexy terms likes ‘’cryptocurrency’ and ‘’blockchain” may mask the fact that underlying the ICO is a transaction that falls into one of the regulated baskets – shares, debt instrument, or a collective investment scheme… MAS is sending a strong signal to the market that it is focused on the substance of the transaction, and will apply current regulations accordingly.” This is in line with major markets, including the US Securities and Exchange Commission, which clarified that ICO offerings must fall in with federal securities laws.

Read more at The Business Times and Lianhe Zaobao.