# kaal:claim:3117224-024

**Claim.** 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.

**Type.** condition  **Support.** evidenced

**Holds when.**

- Singapore

**Source quote.**

> There is no direct regulation under the SFA unless the currency is linked to an ownership or security interest in the issuers assets or property.

**From.** Wulf A. Kaal, *Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses* (2018), IV. Regulatory Responses, page 14

**Cite as.** Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018). SSRN: https://ssrn.com/abstract=3117224

**Verify.** sha256 of source PDF `83e9ccb9219a217d9fcfc5c098b897229ee7cf85623bee3ae22d2e986548466b` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202018%20-%20Initial%20Coin%20Offerings%20The%20Top%2025%20Jurisdictions%20and%20Their%20Comparative%20Regulatory%20Responses.pdf

**Topics.** securities-law, systemic-risk, tokenomics

**Keywords.** singapore, mas, securities-and-futures-act, token-classification

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