As of Oct 25, 2017, the director of the Monetary Authority of Singapore (MAS, Singapore’s de facto central bank) noted that Singapore has no current plans to regulate cryptocurrencies used as currency. However, Singapore does regulate crypto tokens if it interprets them as operating as securities under the Securities and Futures Act (SFA, see below section for an overview). See this source for a feel of Singapore’s direction on blockchain regulation, as of Oct 2017.
On Nov 14, 2017, the MAS said that: “Offers or issues of digital tokens may be regulated by MAS if the digital tokens are capital markets products under the SFA. Capital markets products include any securities, futures contracts and contracts or arrangements for purposes of leveraged foreign exchange trading.” The MAS provided a detailed document elaborating on its position and giving some case studies which determine whether or not a particular token would count as a security, which is worth reading in detail, some factors being the “promise of a dividend or other economic benefits”. The original guidance (August 1, 2017) that classifies some ICOs as securities or not is also worth reading in full here.
In the case studies
A source recommends that if there is any chance that the token that an organization is offering can be construed as a security, the organization probably will have to to include a prospectus compliant with SFA requirements for disclosure, and that the organization should also consider if they may be subject to regulation from the MAS as intermediaries, “particularly for the activity of ‘dealing in securities’, or for the activity of ‘marketing of collective investment schemes’”. (source)