The year 2017 was a phenomenal year for cryptocurrencies and 2018 has been said to be the year of regulations. A meteoric rise in price, coupled with an increased focus from mainstream media, has resulted in varying responses from regulatory bodies across the world. The Monetary Authority of Singapore (MAS) recently released A Guide to Digital Token Offerings, that outlines the legalistic procedures that must surround Initial Coin Offerings (ICOs). This document clarifies that digital tokens do constitute a product, and therefore they fall under MAS regulatory law. Articles 3.2 and 3.3 require companies to conduct diligent and continuous KYC checks, and report any suspicious or unlawful activity.