Y Venture has become the first entity to hold ICO in Singapore
August 14, 2018 11:14 am,
Singapore-based e-commerce firm Y Ventures Group has become the country first public entity to hold an Initial Coin Offering (ICO) in Singapore to raise about USD 50 million. Last year in 2017, Y Ventures Group went to the public on the Stock Exchange of Singapore, the firm declared its plan of creating a blockchain based e-commerce system in July and announced the sale of its AORA token at the end of July.
According to a report by the local newspaper, the firm stated that its token did not embody or represent ownership of its equity and it should not be considered as a security; this helped clear the concerns of the market regulators. The Monetary Authority of Singapore, the country central bank, had halted the sale of a token sale in March 2018, as it considered the tokens to be securities since it represented equity ownership.
Though the first to venture into the ICO space, Y Ventures is not the only public firm in Singapore looking to enter it. Spackman, A famous public entertainment company in February 2018 shared its intention to issue a cryptocurrency called K-coin to help raise funds for its celebrity business. However, until now it has not made any formal announcement which will confirm this news. Aside from directly conducting token sales by themselves, some other public firms in Singapore have started acquiring firms and managing projects dealing with ICO to break ground into the cryptocurrency space.
Taking a different route, a blockchain payments firm, MC Payment, acquired a lifestyle start-up that raised approximately $2.4 million through an ICO in 2017 and is now setting out to go public with the help of the purchase of an already listed Singaporean firm called Activision. While guidelines for ICO have been already made for Singapore, but no fast and hard rules, a spokesperson for the stock exchange said in a local news report on 10th August, Friday that all the public companies should periodically report and keep updated on their ICO status to ensure stock investors are properly informed.