Still, the ruling is not retroactive. Meaning they could overview it and state that it should be considered security, but they wont meddle in the past. If this happens in the ICO however, we'd have a problem. The only way to right every wrong your suggesting is to refund all, period. We shouldn't even be asked, there would be a full reset to honor the laws retroactively.
This ico is ongoing, its not in the past. Other icos before the ruling, already wouldnt let us and singapores citizens invest because speculation of sec. So, yes, if mass is a security, which so far looks like since it pays a dividend, then how will they know whos invested in their project unless the return everones money, redo preico, and disallow us n singapore investors from get go. Thats due diligence.
Not every ICO, but some. The ICO is halted, not ongoing.