# kaal:claim:3117224-025

**Claim.** If a digital token security falls outside Monetary Authority of Singapore regulation, no duty of fair dealing applies to it.

**Type.** failure  **Support.** evidenced

**Holds when.**

- Singapore
- tokens outside MAS regulation

**Source quote.**

> If the security falls outside the MAS- regulations, there will be no duty of fair dealing.

**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

**Failure mode.** fair-dealing-gap  (family: investor-protection-gap)

**Topics.** institutional-design

**Keywords.** singapore, mas, fair-dealing, regulatory-gaps

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.