Y Ventures Group, a publicly traded firm on the Stock Exchange of Singapore, announced in a press release published on August 1, that their firm is launching a token sale aimed at making $50 million.
The firm emphasized that their token, named AORA, do not represent ownership of equity in the firm, meaning they should not be considered securities, a move that seems aimed at allaying concerns from market regulators. Quite notably, the Monetary Authority of Singapore put a stop to one such token sale in March of this year as it decided the tokens met the criteria of a security.
Singapore’s ICO Scene
Y Ventures may be the first public firm with an ICO, but it definitely won’t be the last, nor the only one, with several other firms chasing their ICO goals.
Public entertainment firm Spackman revealed in February that it aimed to release a new cryptocurrency called K Coin to raise funds. The firm is yet to make an announcement for its launch.
Some firms have taken to acquiring or managing projects that deal in ICOs instead of launching their own, taking an alternative route into the crypto space.
For example, in May of this year, Pacific Star Development, a real-estate development firm, teamed up with blockchain startup Crowdvilla to become its exclusive asset manager. Crowdvilla is currently conducting an ICO to raise $18 million to fund the building of a group of shared holiday homes.
Meanwhile, MC Payment, a blockchain payment firm, acquired a lifestyle startup that raised $2.4 million via an ICO in 2017 and is now aiming to go public by purchasing another public Singaporean firm called Artivision.
Singapore currently has no specific rules for ICOs, only a set of guidelines. Nevertheless, public companies are required to periodically report on their ICO status to ensure their investors are properly informed.
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