RHTLaw Taylor Wessing Head of Capital Markets Ch’ng Li-Ling was quoted in The Edge Singapore article titled “Crowdfunders respond to new MAS rules, want more done for investor protection”.
The article discussed how the new regulations announced by the Monetary Authority of Singapore (MAS) on June 8 seemed to be surprisingly welcomed by local crowdfunding platforms as “the new regulations are drivers to safeguard the industry…”. Research by The Edge Singapore also revealed that several of the newest crowdfunding platforms are not deterred by the prospect of more regulation but are in fact already preparing to apply for a Capital Markets Services (CMS) licence. MAS has made it easier for these companies to secure a licence by lowering the base capital requirement from S$250,000 to S$50,000 and removing the security deposit requirement of S$100,000.
Li-Ling gave her opinion that the new regulations put crowdfunding platforms under the oversight of the regulatory body (MAS) and give investors more protection.
The full article dated Monday 20 June 2016, can be found in The Edge Singapore.