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In particular, it is worth noting that regulators in many countries are

receptive to the changes. There are laws, regulations and guidance that have
been issued by regulators in order to support fast-growing innovation while

preventing potential risks. It is important to highlight that regulatory responses

regarding crypto-assets can generally be categorized into three main types of
regulatory responses: existing regulation; retrofitted regulation; and bespoke

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regulation. For instance, Singaporeûs existing regulations include the
Securities and Future Act (SFA), the Financial Advisers Act (FAA), the Payment

Services Bill, as well as A Guide To Digital Token Offerings that was issued
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by the Monetary Authority of Singapore (MAS) in 2017, while Japan
retrofitted the Payment Service Act, which defines and introduces a
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registration system for virtual currency exchange services.

However, in essence, regulators have to date focussed on regulations

for cryptoasset businesses, whose activities include initial coin offerings (ICOs).
However, the legal status of certain types of digital tokens remains unclear,

and this will be analysed in the latter part of this article.

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Supra, note 1.
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A Guide to Digital Token Offerings, Monetary Authority of Singapore (MAS), <http://
www.mas.gov.sg/~/media/MAS/Regulations%20and%20Financial%20Stability/Regulations
%20Guidance%20and%20Licensing/Securities%20Futures%20 and%20Fund%20Management/
Regulations%20Guidance%20and%20Licensing/Guidelines/A%20Guide%20to%20Digital%20
Token%20Offerings%20%2014%20Nov%202017.pdf> accessed 1 December, 2019.
(13)
The Payment Services Act, <http://www.japaneselawtranslation.go.jp/law/detail/?id=3078&
vm=02&re=02> accessed 1 December, 2019.

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