Public Firm Becomes First to Launch an ICO in Singapore
The e-commerce platform, which recently started to sell tokens to raise $ 50 million, became Singapore's first publicly traded company with ICO.
Y Ventures Group, listed on the Singapore Stock Exchange last year, announced plans to build a block-chain-based e-commerce system in July and announced the sale of the AORA tokens later this month.
According to the company, this token does not represent a stake in the company and should not be considered a security. Perhaps it is a measure to avoid market regulatory concerns. The Monetary Authority of Singapore (a de facto central bank) stopped selling tokens in March when they thought of token securities, because they represented token ownership in that case.
Y Venture company may be the first, but it is not the only public company in the city that is looking for venture companies in the ICO field.
Spackman, a public entertainment company, said in February that it aims to develop a decryption function called K Coin to fund a well-known business. However, the official launch has not been announced yet.
In addition to carrying out the token sales themselves, some public companies in Singapore are taking over or managing projects that process ICC in a different way in the encryption space.
For example, in May, real estate developer Pacific Star Development signed an agreement in May to become a proprietary asset manager with a venture called Crowdvilla. Crowdvilla now wants to build a group of apartment houses by collecting $ 18 million through ICO.
Another route, MC Payment, is a block-chain payment company that acquired a lifestyle start-up that grossed $ 2.4 million through ICO in 2017 and has already acquired an already-registered Singapore company, Artivision.
Singapore currently has guidelines for ICOs, but there are no strict and strict rules, but a spokesman for the stock exchange said Friday that local companies should periodically report ICO status to provide stock investors with appropriate information.
Image of Singapore via Shutterstock
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