Singapore may have set its sights on becoming the world’s cryptocurrency capital. But its “buyer beware” approach to trading in risky digital assets doesn’t mean anything goes. A coin that works as a pension plan for BTS, the world’s most-famous K-pop group, is perhaps beyond the pale.
The Monetary Authority of Singapore, which had earlier allowed Bitget, a popular digital exchange, to issue tokens to Singapore investors pending a full license, suspended that privilege in July, the Financial Times reported Sunday. The exchange has attracted controversy by promoting Army Coin, whose goal is to “take care of BTS members for life.” Hybe Co., the band’s publicly traded management company, wasn’t amused by the unsolicited offer and has threatened legal action, according to the FT.
Singapore No Longer Allows Bitget to Issue Crypto Tokens Pending a License - Bloomberg
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