Overview of Crypto trading

How has MAS enforced their regulation towards crypto exchanges?

"For example, in 2018, MAS returned funds to the Singapore-based investors of an unnamed initial coin offerings (ICOs), saying it broke the rules by failing to consult MAS before trading what it defines as digital assets.

It also issued a warning to eight crypto exchanges, stipulating that they inform the regulator before trading cryptocurrencies that are considered securities. This has meant that trading cannot commence until they have been appointed as an approved exchange or market operator."

Source: Asia Times, last revised on 10 Oct 2020