However, Monetary Authority of Singapore’s (MAS) Financial Markets Strategy Department Executive Director Yao Loong Ng took a different stance and encourages regulators around the world to have the fiduciary duty to learn about initial coin offerings (ICO) and digital currencies.
Ng even highlights that the developments around ICOs and virtual currencies can serve as lessons for regulators.
In his comments during a panel discussion at the Association of Southeast Asian Nation (ASEAN) Capital Markets Conference that was held in Kuala Lumpur, Malaysia in early November 2017, Ng claimed that the “time to market” for ICOs is significantly lower as compared with initial public offerings (IPO), which could take up to nine months to prepare.
“If the process of writing a white paper for [an] ICO and subsequently listing on an exchange could take a matter of days, then clearly it is something that we can learn from.”
In August, MAS issued a notice reminding investors to take precautions on the potential risks around ICOs and digital currency-related investment schemes…