A commissioner at the U.S. Securities and Exchange Commission recently praised Singapore for its crypto regulation, adding that it could directly take a page out of the MAS’ book.
SEC commissioner Hester Peirce recently spoke at the «SUSS Convergence Forum: Inclusive Blockchain, Finance, and Emerging Technologies« hosted by the Singapore University of Social Sciences, highlighting efforts various by regulators in cryptocurrency worth noting, including the Monetary Authority of Singapore’s (MAS) «non-exclusive safe harbor» for token offerings.
Of particular note was Peirce’s praise of the MAS with regards to its approach to token offerings, stressing that not all are being treated as a securities offering. The MAS currently uses what is called a «safe harbor» approach whereby new token offerings can be made under an alternative regime with more robust requirements.
Adopting MAS’ way
The commissioner has suggested on more than one occasion to adopt this «safe harbor» approach and repeated her sentiments in Singapore last week.
«A token offering made in reliance on the safe harbor would have to comply with certain requirements—for example, providing clear disclosure of the assets’ functionality, including the mechanisms for changing holders’ rights and explaining how funds are to be used—before the issuer could use the safe harbor,» Peirce said.
«The relief could be time-limited to guard against reliance on the safe harbor by projects without a workable plan to build operational networks.»
Peirce is known to be a cryptocurrency advocate in the U.S., earning her the moniker «Crypto Mom».
In addition to Singapore, she had also highlighted other markets in Asia the SEC should being observing closer for reference including Hong kong’s sandbox regime for crypto trading platforms, Japan’s legalization of crypto payments and Thailand’s unique licensing of crypto as either «cryptocurrency» or «digital tokens.»
