Crowdfunding may be regulated under various legislation in Singapore depending on the form or method of fundraising.
For example, if the equity-based model is used, the crowdfunding exercise would involve an offer of securities. This is subject to the requirements set out in the Securities and Futures Act (Cap. 289) (the “SFA”).
On the other hand, crowdfunding arrangements which do not involve the offer of securities (for example, where contributions are in the form of donations or pre-payment for merchandise) are not subject to MAS’ regulations.