Token Daily

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drfintech 12 hs ago

The Monetary Authority of Singapore (MAS), the city-state's de-facto central bank, believes that no tokens it has seen need to be regulated under its securities laws.

During a fireside chat at CoinDesk's Consensus Singapore 2018 conference on Wednesday, Damien Pang, head of the MAS technology infrastructure office for fintech and innovation, opened up to the audience about "A Guide to Digital Token Offerings," a framework it published in 2017 that was meant to provide clarity to crypto entrepreneurs.

Pang said emphasized a reason for the difference in his statements and those by regulators internationally, is that every jurisdiction has their own set of criteria of judging what is or isn't a security. As such, he said regulators like the U.S. Securities and Exchange Commission, which has also been vocal on the subject but has yet to offer a framework, can be expected to come to a different conclusion.

The 13-page MAS publication divided tokens into three categories – utility tokens, payments tokens and securities tokens. Pang went on to state for the first time that he believes the categorization of a digital token applied by MAS, could change over the time, depending their current and future characteristics.

He told attendees:

"The MAS takes a close look at the characteristics of the tokens, in the past, at the present and in the future, instead of just the technology built on."

"The MAS does not intend to regulate utility tokens that are used to access certain services. But a payments service bill is expected to be enacted by the end of this year to apply to payment tokens, which have storage and payment values," he continued.

Should the characteristics of any of the utility or payment tokens become more aligned with features of securities offerings, such as promising future earnings, Pang reiterated that Singapore's will regulate these assets.

Elsewhere, Pang also discussed the status of the central bank's sandbox initiative, and whether crypto token projects were leveraging the resources. While to date, he said the regulator has not accepted any token projects, MetLife Insurance is testing a blockchain-based application to facilitate medical insurance transactions under the more limited rules.

Still, in conversation, Pang answered sometimes difficult questions as to why the regulator didn't go further in making clear which crypto tokens, whether bitcoin or ether, haven't been explicitly deemed to fall outside the regulations.

Asked why the authority does not intend to name names like regulators in the U.S., Pang said this approach may not help create an encouraging environment for innovation.

He concluded:

"The moment you start naming names, people take it very literally – these are and those are not. But in fact, there are more than 1000 tokens. Bear in mind, we provide clear guidelines to categorize them."

Damien Pang image via CoinDesk

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puppdogg83 3 hs ago

The next generation will boost crypto acceptance.

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silkblueberry 6 hs ago

Having been watching this space for years it's very satisfying to see the inevitable finally occurring. This is a technical revolution; a new data/computing pattern than cannot and will not be put back into the bottle. And people are waking up to it!

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Parker_in_HK 7 hs ago

I just graduated from a top school and I can tell you it's not. Maybe half the students know what Bitcoin is and around a quarter of that have heard of Ethereum. A lot of B-School kids lost money on Binance with Ripple and other shitcoins, but that's about the only user experiences I've heard of outside of the developers.

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silkblueberry 6 hs ago

It's early!

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Stavvay 7 hs ago

The potential of the blockchain and cryptocurrencies are essentially for the coming generations. Meaning university classes for the masses are integral as the technology changes and grows. There are a lot of tokens with potential to reinvent everyday payments. So I predict these types of courses will eventually become a mainstream degree sooner than later.

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Melting_Harps 9 hs ago

I'd like to see the guy who has a concentration in Doge, or Panda or some other pointless alt be taken serious when he fills out his job application or at the dinner table on his Summers back at his--because we know it'll be a guy-- parent's house.

However, as a person that is nearly entirely averse to 90% of most degrees in academia: I'd like to see a real thorough analysis done and perhaps even see someone do a thesis on what occurred with Aurora and see if they could reboot it.

UBI is inevitable; ideally we have the good sense to be able to do so with crypto(s) and expedite the demise of the Nation-State with a well executed community based version of UBI. The question is: how?

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gasfjhagskd 11 hs ago

History classes on economic bubbles?

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TheCrunk1 12 hs ago

Going more mainstream every day!!!

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puttersworth Karma CC: 382 BTC: 851 Yesterday

Glad to see we're stepping up. Like they say: lead follow, or get out of the way.

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TotesMessenger Yesterday

I'm a bot, bleep, bloop. Someone has linked to this thread from another place on reddit:

[/r/cryptoall] ‘It’s Become Especially Relevant’: Classes On Cryptocurrencies Booming On College Campuses [CBS NY]

 ^(If you follow any of the above links, please respect the rules of reddit and don't vote in the other threads.) ^(Info ^/ ^Contact)

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danllo Yesterday

Wow.

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understanding_pear Yesterday

And to think of all the time I wasted on my underwater panflute studies degree. I could have got a degree in something useful!

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ABitcoinAllBot Yesterday

Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: LongHash

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