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 "text": "In Singapore there is no direct regulation of digital tokens under the Securities and Futures Act unless the currency is linked to an ownership or security interest in the issuer's assets or property.",
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 "citation": "Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018). SSRN: https://ssrn.com/abstract=3117224",
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