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The main regulator of the financial field is The Monetary Authority of Singapore (MAS) in the city-state and it also offers for the formation of cryptocurrency businesses. An important year for the Singapore cryptocurrency sector was 2017 as the MAS has begun allowing for allowing legislation which control the issuance and the employ of virtual coins. The MAS is also allowing for building a legal framework for those fascinated in setting up cryptocurrency funds for the coin offerings (ICOs).
Foreign investors must also know that Singapore is amid the few countries in the world who have a Cryptocurrency and Blockchain Industry Association devoted to small and medium-sized enterprises (SMEs) working in this field.
An individual who decide to open a company in Singapore in the cryptocurrency sector must know that he/she will be subject to the regulations currently allowed by the Monetary Authority. Amongst these regulations the following to be mentiomed:
Before forming a cryptocurrency company it is advisable to ask a specialists about the regulations obligatory when setting up a cryptocurrency business. It is vital to notice, that cryptocurrency exchanges should now get a crypto exchange license with the MAS previous to starting the trading activities.
Mainly the most common sort of Cryptocurrency Company which needs a license to work in Singapore is the cryptocurrency exchange. This sort of company is typically considered as a trading platform and is essential to get a crypto exchange license from the MAS. The best part is that Singapore already has some crypto trading platforms.
The MAS enforce a few conditions for those who are planning to set up crypto businesses which aim to trade virtual money on the Singapore market. Amongst these are:
The company must be a registered company in Singapore if it wish to get such a license;
The company should arrange a prospectus which have to hold information about the token to be traded;
The company ought to generate an offer which does not include more than 50 private investors in a period of a year;
The offer will typically take the shape of a primary coin presenting, shortly known as ICO. It is suggested to talk to local advisors who can offer related information regarding the formation and start of an ICO in Singapore.
So these are the information which will help you when you are planning to start a cryptocurrency company in Singapore. It is always suggested to visit local advisory to know more about the latest procedures and policies of opening a crypto company. Otherwise, you won’t be able to build it legally. Knowing the legal norms and government regulations on cryptocurrency will help you and save you from ending into some uncertain situation. The above information will give you a basic idea about how it works but you definitely should consult a legal agency pr company who is dealing with formation of crypto company in Singapore to know more about the documents required and the legal formalities to be done before even creating a blueprint of your own crypto company in Singapore.
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