Singapore warns exchanges on tokens
May 24: On Thursday, the Monetary Authority of Singapore (MAS) warned eight digital token exchanges not to allow trading in digital tokens that are considered securities or futures contracts without MAS’ authorisation.
It also warned a company launching an ICO against offering the tokens in Singapore. If the digital tokens constitute securities or futures contracts, the exchanges must “immediately” cease the trading: “MAS has assessed that the issuer had contravened the Securities and Futures Act (SFA) as its tokens represented equity ownership in a company and therefore would be considered as securities under the SFA,” it said.
At the same time, MAS has updated its blockchain-related exchange regulation to create a three-tier approach to regulation. It said: “MAS has observed the emergence of new business models in trading platforms, including trading facilities that make use of blockchain technology, or platforms that allow peer-to-peer trading without the involvement of intermediaries. As the current RMO regime has been in place since 2002, it is timely to review the regulatory framework for market operators to ensure that it continues to meet the demands of the changing landscape.”
Malta publishes regulatory bill
May 22: This week the Maltese Government issued a bill entitled the Virtual Financial Assets Act. The Mediterranean minnow of Europe has the stated aim of becoming “blockchain island”, vying with many other European states to establish itself as an innovation hub through its lax regulation and low tax rates.
Interestingly, in the bill, the Maltese financial services authority (MFSA) created its own verbiage for cryptocurrencies, referring to them as “virtual financial assets”, or VFAs.
The aim of the bill is to provide “sound legislative framework” around:

How to conduct an Initial VFA Offering/ICO and licensing and approval requirements
The requirement of a white paper when conducting an Initial VFA Offering/ICO and what information needs to be included in the whitepaper
The Licensing Requirements and Process to provide VFA Services in or from within Malta, including for a VFA Exchange
The Obligations of Licence Holders offering VFA Services, including VFA Exchanges
Investor Protection and Liability
Market Abuse Provisions
Trading Activity on a VFA Exchange
The role of VFA Agents in the licensing process
The powers of the MFSA as the local regulator, applicable penalties and the role of the Financial Services Tribunal when appealing from a decision of the authority

US regulator issues advisory around derivatives
May 21: The Commodity Futures Trading Commission (CFTC) released an advisory statement for clearinghouses registered with the CFTC for listing virtual currency derivative products, that, in typical CFTC fashion, said nothing explicit.  
The CFTC’s Division of Market Oversight DMO Director Amir Zaidi said it “is committed to providing regulatory clarity as much as possible,” and that the advisory “provides guidance on certain enhancements when listing a derivative contract based on virtual currency.”
The CFTC highlights the following areas that require extra attention in the listing of a new virtual currency derivatives contract:

Enhanced market surveillance
Close coordination with CFTC staff
Large trader reporting
Outreach to member and market participants
Derivatives Clearing Organization risk management and governance

The CFTC believes that this advisory should help exchanges and clearinghouses effectively and efficiently discharge their statutory and self-regulatory responsibilities while keeping pace with the unique challenges of emerging virtual currency derivatives.
In 2015, the CFTC found virtual currencies to be commodities subject to its oversight under the Commodity Exchange Act.
Thai regulators stream blockchain meeting on Facebook
May 21: Thailand’s equivalent to the Security and Exchange Commission (SEC) held a focus group on cryptocurrency regulation that was streamed on Facebook Live.
The hearing focused on crypto-related businesses and fundraising through ICOs. Local media outlet Siam Blockchain reported that a Thai SEC hearing on crypto will be held on May 30.