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The management of Jules Corporation Pte Ltd (“JULES”) would like to clarify the recent MAS Announcement dated 24 January 2019 and the various ensuing media reports that have erroneously represented on our company’s business without verifying or confirming the same with us.
The MAS Announcement
The MAS had reported that our fund raising was “halted for a regulatory breach”.
We wish to clarify that:-
- We have never issued nor intended to launch an ICO.
- We had never offered any securities in Singapore.
- We had not at any time been in breach of the regulatory requirements contained in the Securities and Futures Act (“SFA”).
- Our fund raising plans were never halted or suspended by the MAS.
Following a LinkedIn post in August 2018, the MAS was concerned that if a subsequent offering of securities in Singapore was made, the said post could be construed as an advertisement. Nevertheless, the MAS engaged with JULES to assist and guide it to fully comply with the SFA in order invoke a safe harbour exemption.
In late-December 2018, JULES informed the MAS that we are pausing our fund raising because of the then negative market sentiments. The MAS subsequently invited us to keep them informed should we decide to offer any securities in Singapore.
“JULES is proud of its achievements in the Educational Technology space. And now, we have embraced the virtues of blockchain and the tokenized economies. In developing perhaps the world’s first hybrid securities token, it is similarly pioneering a new frontier. While it is necessary to adhere to existing regulatory frameworks, but at the same time, standing-up for what one believes is right and not let negativity from the media, the uninformed, and others that have devious agendas to bring you down. There will be always be challenges for entrepreneurs blazing a new path, but set your goals high and don’t stop till you get there”
Jon Chan
