MAS said it "does not currently regulate NFTs given the nature of their underlying assets. This is also the stance taken by most other leading jurisdictions."

Regarding digital tokens such as NFTs, MAS takes a "tech-neutral stance and 'looks through' to the underlying characteristics of the token to determine if it is to be regulated by MAS. Should an NFT have the characteristics of a capital markets product under the Securities and Futures Act (SFA), it will be subject to MAS’ regulatory requirements. For example, should an NFT be structured to represent rights to a portfolio of listed shares, it will like other collective investment schemes be subject to prospectus requirements, licensing and business conduct requirements."