Singapore warns crypto firms to not advertise to the public

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.
 
MAS’s statement
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.
 
Conclusion
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.
 

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 41,872.22
ethereum
Ethereum (ETH) $ 2,252.36
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 230.52
xrp
XRP (XRP) $ 0.621614
solana
Solana (SOL) $ 61.31
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 2,250.65
cardano
Cardano (ADA) $ 0.405021
dogecoin
Dogecoin (DOGE) $ 0.087869
tron
TRON (TRX) $ 0.103716
chainlink
Chainlink (LINK) $ 15.92
avalanche-2
Avalanche (AVAX) $ 21.79
matic-network
Polygon (MATIC) $ 0.804567
polkadot
Polkadot (DOT) $ 5.62
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 41,719.18
litecoin
Litecoin (LTC) $ 73.36
dai
Dai (DAI) $ 0.999316
shiba-inu
Shiba Inu (SHIB) $ 0.000009
bitcoin-cash
Bitcoin Cash (BCH) $ 245.51
uniswap
Uniswap (UNI) $ 6.15
okb
OKB (OKB) $ 58.77
leo-token
LEO Token (LEO) $ 3.73
stellar
Stellar (XLM) $ 0.122682
kaspa
Kaspa (KAS) $ 0.143280
monero
Monero (XMR) $ 168.79
true-usd
TrueUSD (TUSD) $ 0.999343
cosmos
Cosmos Hub (ATOM) $ 9.64
ethereum-classic
Ethereum Classic (ETC) $ 19.90
crypto-com-chain
Cronos (CRO) $ 0.096868
internet-computer
Internet Computer (ICP) $ 5.15
filecoin
Filecoin (FIL) $ 4.70
lido-dao
Lido DAO (LDO) $ 2.41
near
NEAR Protocol (NEAR) $ 2.14
hedera-hashgraph
Hedera (HBAR) $ 0.062688
aptos
Aptos (APT) $ 7.38
thorchain
THORChain (RUNE) $ 6.75
bittensor
Bittensor (TAO) $ 332.60
immutable-x
Immutable (IMX) $ 1.43
mantle
Mantle (MNT) $ 0.573872
vechain
VeChain (VET) $ 0.023681
optimism
Optimism (OP) $ 1.83
binance-usd
BUSD (BUSD) $ 1.00
aave
Aave (AAVE) $ 100.63
quant-network
Quant (QNT) $ 100.75
terra-luna
Terra Luna Classic (LUNC) $ 0.000250
render-token
Render (RNDR) $ 3.83
injective-protocol
Injective (INJ) $ 16.69
arbitrum
Arbitrum (ARB) $ 1.10
the-graph
The Graph (GRT) $ 0.150155