SINGAPORE (Dec 31): In May, the Monetary Authority of Singapore issued a warning against an unnamed company to stop the offering of digital tokens, or its initial coin offering, to investors here. ICOs raise funds in bitcoin or other cryptocurrencies. In a statement, MAS said it had determined that the issuer’s tokens represented equity ownership in a company and were therefore considered securities under the Securities and Futures Act. The offer was being made without a MAS-registered prospectus and therefore contravened the SFA. The regulator said the issuer had returned all the funds received from investors here.

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