Singapore restricts cryptocurrency advertising

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2022-01-22 14:52:10

Singapore’s central bank has issued guidelines to discourage the public from trading cryptocurrencies. The central bank emphasized that “trading cryptocurrencies is risky and not suitable for the general public.”

Singapore’s Central Bank Discourages the Public from Trading Cryptocurrencies

The Monetary Authority of Singapore (MAS), the nation’s central bank, announced on Monday that it has issued guidance to “discourage the public from trading cryptocurrencies”.

This principle restricts cryptocurrency exchange service providers from advertising their digital payment token (DPT) services to the general public. DPT is often referred to as a cryptocurrency, MAS clarifies.

The central bank explains that companies should not market or advertise crypto services in public areas in Singapore or use third parties, such as social media influencers. , to promote cryptocurrency services to the public.

Companies may only market or advertise cryptocurrency services on their corporate websites, mobile applications or official social media accounts.

Loo Siew Yee, MAS assistant executive director for policy, payments and financial crime, noted that the central bank “strongly encourages the development of blockchain technology and innovative applications of money.” electronics in value-added use cases”. However, she emphasized:

“But trading cryptocurrencies is risky and not suitable for the general public. Therefore, DPT service providers should not portray DPT trading in a way that minimizes the high risk of doing business. DPT business, nor engage in marketing activities that target the public.”

Singapore’s central bank has repeatedly warned that cryptocurrency trading is “high risk and unsuitable for the public” as the prices of these coins can be subject to extreme fluctuations.

About 170 companies have registered to provide crypto services in Singapore. However, more than 100 of those companies have had their applications rejected or withdrawn.



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