Public Firm Becomes First to Launch an ICO in Singapore
An e-commerce platform that recently launched a token sale aimed to raise $50 million has become Singapore’s first public firm to hold an ICO. Y Ventures Group, which went public on the Stock Exchange of Singapore last year, announced a plan for creating a blockchain-based e-commerce system in July and sent the sale of its AORA token live at the end of the same month. According to the firm, the tokens do not represent ownership of equity in the firm and, as such, should not be regarded as securities – a move perhaps aimed to sidestep concerns from market regulators. Notably, the Monetary Authority of Singapore – the country’s de facto central bank – halted one token sale in March as it deemed the tokens securities since, in that case, they did represent equity ownership. Y Ventures may be the first, but it is not the only public firm in the city
Like this article? Take a second to support us on Patreon!