Singapore-based e-commerce firm Y Ventures Group has become the country’s first public entity to hold an Initial Coin Offering (ICO) in Singapore to raise about USD 50 million.
After going public on the Stock Exchange of Singapore last year, 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 Coindesk, the firm stated that its token did not embody 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’s 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.
A public entertainment company Spackman in February shared its intention to issue a cryptocurrency called ‘K coin’ to help raise funds for its celebrity business. However, a formal announcement has not been made.
Other public firms in Singapore have started acquiring firms and projects dealing with ICOs to break ground into the cryptocurrency space.