Crypto Ads restricted in Singapore

Snapshot

• In an attempt to discourage crypto trading, Singapore bank has issued various guidelines. 

The central bank of Singapore, MAS (Monetary Authority of Singapore), on Monday, announced various guidelines to discourage people from trading in cryptocurrency. The central bank has emphasized the fact that “crypto trading is highly risky and is not suitable for the general public  

In the guidelines, a restriction is being imposed on trading service providers from promoting digital payment tokens (DPT) or cryptocurrency services to the general public.  

The central bank has clearly stated that no advertisement of crypto services should be made in public areas in Singapore and neither should these trading service providers use social media to do so. 

Organizations are only allowed to market their crypto services on their websites, social media accounts, and mobile apps. 

MAS, assistant managing director for crimes related to policy, finance, and payments, Loo Siew Yee, said that “they encourage blockchain technology and innovative application of crypto tokens in value-adding use cases”. They were only against crypto trading by the general public as it can be very risky for them. 

In Singapore, around 170 companies applied to offer crypto services, out of which more than 100 have either been rejected or have withdrawn.    

Disclaimer: The article should not be considered as any financial advice. It is advisable to conduct thorough research before investing.

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