Singapore’s financial regulator has advised cryptocurrency businesses not to advertise their services to the general public, keeping with the city-objective state’s to reduce trading mentality and speculation n risky digital assets and products like Crypto and NFT’s.
In a statement Monday, the Monetary Authority of Singapore said that service providers should only publicise their activity on their own websites, mobile applications, or official social media profiles. The policy will apply to a wide range of firms, including banks, payment service providers, and cryptocurrency exchanges.
The revised rules explain MAS’s expectations that firms do not market or advertise digital payment tokens services in Singapore’s public spaces or through third parties, such as social media influencers and huge billboards, to promote these volatile digital assets and token trading to the general public.
“MAS strongly encourages the development of blockchain technology and innovative application of crypto tokens in use cases that bring value, “MAS assistant Loo Siew Yee
director of operations (policy, payments and financial crime)
he stated in a release
“However, cryptocurrency trading is extremely dangerous and not suited for the general public.” As a result, DPT service providers should not represent trading DPTS in a way that trivialises the severe risks of trading in DPTS, nor should they participate in any marketing initiatives that attract the general public.
Singapore is a favoured site for cryptocurrency startups due to its relatively clean regulatory and operational environment. It is one of the world’s forerunners in building a formal licencing structure.
However, the city-officials state’s have frequently cautioned that trading in digital payment tokens (DPT), or cryptocurrencies, is hazardous and unsuitable for the general public and prone to wild speculative swing trades.