Launch of the Token Economy Association of Singapore
Association aims to drive self-regulation of cryptocurrency and token industry in Singapore
28 November 2018, Singapore – Today marks the launch of the Token Economy Association of Singapore (TEA SG). A group of industry participants have joined together to work towards establishing an industry-sponsored, self-regulatory organization (SRO) to oversee the Singapore digital assets industry, specifically cryptocurrencies and tokens.
The SRO framework was created to establish greater transparency, accountability and investor protection. The framework represents a set of standards to help companies work together with customers, markets and regulators in an ethical and professional standard.
Hock Lai Chia, chairman of TEA Singapore, and founding member of the Singapore Fintech Association (SFA) said: “In the absence of a clear regulatory framework, SROs provide a pathway to establish a global standard of conduct, with a compliance-first approach for the crypto asset industry.
“Thoughtful self-regulation can play an important role in the stable future development of this growing industry. It is important for consumer protection and to ensure the integrity of these markets.”
TEA Singapore’s SRO framework has been drafted based on the framework created by TEA Japan with contributions from Ikegami Yuhi (galliver) along with Tezuka Mitsuru, Horikoshi Takashi, and developed within existing legal and regulatory structures.
Mitsuru Tezuka, Chairman of TEA Japan, said: “The framework, originally designed for Japan, has evolved and will be adopted into Singapore. We would like to support the calibration as well as creating an environment to augment the potential of the industry.”
With the public fascination and increased regulatory scrutiny of cryptocurrencies, TEA Singapore believes the safety and security of customers is paramount. TEA Singapore will grow a community of entities who will adhere to its framework, believing that self-regulation is key to the stability of the crypto markets.
TEA Singapore ultimately believe, an independent and empowered SRO could have a meaningful impact on the integrity and credibility of the young, rapidly-growing asset class.
TEA Singapore have appointed experienced legal and compliance industry professionals, RHTLaw Taylor Wessing to help draft the framework.
Jayaprakash Jagateesan, CEO, RHT Holdings, said: “We are excited how the token economy is presently developing and equally excited by our participatory role in drafting the self-regulatory framework for the newly-formed Token Economy Association. This represents the essence of RHT’s philosophy of looking ahead, leading the change and preparing ourselves and our clients well for the future economy.”
For more information on developments, visit www.teasingapore.org .
Notes to Editor
About Token Economy Association (TEA):
TEA is an industry-sponsored, self-regulatory organization (SRO) for the Singapore digital assets industry, specifically cryptocurrencies and tokens.
The promise of the token economy and its impact on the future will be profound , but individuals and institutions need to feel safe and secure when transacting on tokens. A thoughtful SRO framework that provides a regulatory program for the digital assets industry is the next logical step in the maturation of this market.
We believe adding a layer of oversight on digital assets in the form of self-regulation, is important for consumer protection and to ensure the integrity of these markets. We look forward for participation from industry leaders, participants, regulators, and legislators.
For more information, please visit: www.teasingapore.org
About RHTLaw Taylor Wessing LLP:
Based in Singapore, RHTLaw has a network of more than 3,300 legal professionals across 27 jurisdictions in Asia, the Middle East, Europe and the United States of America via our membership with the Taylor Wessing network and ASEAN Plus Group (APG).
RHTLaw is also the exclusive Singapore member of The Interlex Group, a global network of leading law firms.
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