Virtual currency regulation in Singapore

1. Yes, but you have to register a Singapore company to issue currency in Singapore. We also have to do "compliance", that is, Singapore ICO legal compliance legal opinion. The Singapore foundation is the main choice for most digital currency projects. The requirements of foundation registration for directors and shareholders of the company are loose, and there is no need for foundation registration&# 8204; Guo & Chen 8204&# 8204; It can be a natural person of any nationality. A natural person must be at least 18 years old. In Singapore, we can legally develop the blockchain instry. You can also go to the exchange to issue money.

2. What are the connections between the blockchain and the foundation and what problems will they encounter?
when many people are doing blockchain, they usually register a foundation to run with ordinary companies. Compared with Singapore foundation, what are the common problems when they register a Singapore foundation to do blockchain, Below, we will sort out and share some of our customers' concerns with you
1. Does the registration fee include the cost of the white paper
A: No, the legal adviser is a personalized business, and the fee depends on the project. The legal adviser can provide services in the whole process. Including the revision of the legal provisions of the white paper, and the issue of professional legal opinions on relevant laws and regulations such as the non securities nature of the token. ICO is the legal consultation in the process of issuing currency

2. About the Singapore foundation. Why should there be a company to operate and what is the relationship with the foundation? Why not register a company directly for ICO and exchange docking
A: the foundation is a public welfare organization and a public sector. It is more concive to attract investment and technology development to use the foundation to issue blockchain. It can also be directly ICO through ordinary companies. It depends on how customers want to operate
3. Isn't ICO a way to raise funds?
A: Yes. Participate in the crowdfunding of the project with the existing real value currency, and exchange for the new cryptocurrency issued by the project. The advantage of fundraisers is that they get the funds to carry out the project, while the participants want the project to be successful. In this way, the newly issued cryptocurrency in their hands is likely to appreciate and arbitrage. The so-called ICO means that investors use bitcoin and other ready-made virtual digital currencies to exchange for new tokens issued by ICO projects. Because there are few new currency owners and the price fluctuates greatly, the selling price on the exchange is likely to be much higher than the issuing price. The sponsors of ICO project use the traditional digital currency to exchange RMB and other legal currencies in the exchange, and then put them into the designated technical projects
4. Why not raise funds through common channels
A: the threshold of common channels is low, and there is no regulatory department. The risk is high
5. How to set up an exchange
A: you can choose an exchange according to your own situation. Generally, you should have strong experience in digital asset security management. There are many platforms
6. Why do you need to make a legal opinion
according to Singapore's financial law and securities law, if a virtual currency with securities nature needs to apply for a special financial license, so it needs to prove that the project does not contain securities nature, it needs a lawyer to issue a legal opinion on the non securitization of token and a legal opinion on compliance of white paper to prove the legality and compliance of the project, both of which are required by most customers
7. How can a registered Singapore foundation open an account in a bank
first of all, there is no need to open an account for a registered public non-profit foundation, and it is useless to open an account because the nature of the foundation itself is non-profit. When it comes to the next year's audit, can't it explain the income and expenditure of the bank account with the monetary authority? Second, the bank has a choice of customers. If the bank is told to do blockchain, the bank will not accept opening an account; Third, whether it's private placement or public offering, all the money raised are virtual currencies like Ethereum bitcoin. Ordinary bank accounts can't accept these currencies, so I don't recommend opening an account in a bank.

3. In fact, virtual currency does not play a great role in the development of contemporary Chinese economy, and even plays an obstacle role

after bitcoin, Leyte coin, doggy coin and other encrypted digital currencies were introced into China, they quickly became popular in China, but then the MLM coins became more and more rampant, which seriously hindered the development of domestic economy. But it has its positive side. For example, the token of crowdfunding project on European crowdfunding platform exists as an asset voucher, which is a good application scenario.

4. Now many banks (including Bank of China) have windows to exchange foreign currency notes

5. There is also a problem involved in your business, that is, there is a certain problem in the transaction between you. There is a problem with his return of a commission. Because he and a shouldn't have economic relations. So now you have to prove that the money is yours or something. You can go to the police and sue him. But it might be a bit of a problem. But don't be soft on such people. Go to the police station first. The police will file a case first. But did you buy a HDB or an apartment

6. First of all, you should ask the agent who registered the foundation for you before
Second, if the former agent can't do it, then you need to find another agent
thirdly, these things need to be done by professional lawyers and lawyers in Singapore
fourthly, legal opinion is a general term, which includes a lot of compliance
fifthly, if the price is low, it will cost hundreds of thousands to complete the whole set
sixth: what you don't understand is asking

7.

At present, the supervision is relatively strict when setting up a foundation to issue money on the exchange. However, Singapore has always been very friendly to digital currency and related instries. At present, digifinex, cointiger and dragonex exchanges, which are well-known in the world, are all set up in Singapore. It has become an instry consensus to issue money on the foundation in Singapore with high credibility, You only need to make a legal opinion according to the regulations. There is no problem in issuing currency. Many of our customers have successfully operated it

in order to issue currency, the Singapore foundation needs to prepare for the establishment of the Singapore foundation and the submission of legal opinions on compliance

how to set up the Singapore foundation

1: the name of the foundation is noted as (Foundation Ltd)
2: provide ID cards, passports or identity certificates of at least three members (one Singapore member provided by our company and two members provided by our customers)
3: the registered capital of a non-profit organization is S $1, and there is no share proportion (who can be authorized as the legal representative in the later stage)
4: registered address (provided by our company)
5: guarantee of new party's lawyer and Auditor (provided by our company)
6: Secretary of new party (provided by our company)
7: registered member of new party (provided by our company)
business scope
1. Development of other software and programming activities n.e.c.
2 Software consultation (the scope of blockchain ICO is basically these two)
registered capital
s $1 (non-profit government stipulates that only S $1)
registration takes 3-5 weeks; After signing and submitting the registration application, the company's establishment can be inquired online within 2-3 working days, and a full set of documents such as certificates and seals can be obtained within 3-5 weeks:

ICO legal opinion. In order to comply with MAS supervision, the stock exchange needs to provide:

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legal opinion: legal opinion to issue token non securities Certificate in accordance with Singapore regulations

white paper: white paper legal compliance lawyer's opinion: prove that the project is legal and does not touch or violate any existing Singapore regulatory regulations

purchase agreement: according to the requirements of Singapore regulations, the private placement terms for raising funds by issuing token of the project are issued

Singapore law governed terms, conditions for public

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not everything needs to be done. If you don't issue currency, you only need to do the first two. If you want to issue currency, you need to do all of them< br />