The Monetary Authority of Singapore (MAS) is one of the world’s strictest but most forward-looking financial regulators. MAS recently required all projects listed on any exchange incorporated in Singapore to submit new legal opinions about:
- if their cryptocurrency falls within the scope of a “capital markets product” under the Securities and Futures Act, and
- if it is compliant with Singapore’s strict AML and anti-terrorist financing laws.
Komodo worked with one of the leading global law firms advising top investment banks and hedge fund managers, to acquire a legal opinion about KMD. The lawyers established a clear case for KMD not falling under Singapore’s securities laws.
We disabled shielded transactions on the KMD chain on February 15, 2019, effectively stripping KMD of its privacy features. This was a difficult but important decision back then. The legal opinion confirms that this change was necessary and sufficient to establish compliance with AML regulations.
Based on this legal opinion, KMD will stay listed on Singaporean exchanges like Liquid.
As Singaporean cryptocurrency laws are among the strictest in the world, and MAS is held in the highest regard by regulators worldwide, we expect this favorable opinion to be helpful in all jurisdictions.
Independently from the legal opinion, but further demonstrating the strength of Komodo Platform, Binance decided to enable KMD/USDT and KMD/BUSD pairs on their platform on August 11, 2020. KMD is listed on more than a dozen exchanges, including Binance, Huobi Global, Bittrex, Upbit, and Liquid.
