As interest continues to grow in virtual currencies, blockchain technology and initial coin offerings, governments are evaluating the benefits and potential risks of these innovations, while considering numerous regulatory issues. Recent announcements by the Monetary Authority of Singapore go some way toward clarifying its position relative to a digital token's possible designation as a security, the obligations of issuers and intermediaries and the responsibilities required of trading platforms.

This Jones Day White Paper defines relevant terms, examines the "is it a security?" question and summarizes the Singapore government's view of these issues.