A new set of guidelines has been issued by the Monetary Authority of Singapore (MAS) barring digital payment token (DPT) providers from advertising their services in public places.
The focus is on limiting the promotion of cryptocurrency trading services with guidelines intended to reduce prospective risks.
On Wednesday January 12, new guidelines were published warning the general public of the potential harms associated with the crypto market.
All registered crypto service providers (as well as any in the transitional period) are now prohibited from displaying advertisements across public transport, public venues, websites and social media platforms. This includes broadcast and print media.
However, such prohibitions do not apply to crypto service providers advertising or promoting across their own social platforms, websites or mobile applications.
ATMs are now also embargoed from the use of crypto service providers. Installing ATMs has been quite popular across other countries, however, is something under review by regulators.
MAS assistant managing director Loo Siew Yee said in a statement: “MAS strongly encourages the development of blockchain technology and innovative application of crypto tokens in value-adding use cases.
“But the trading of cryptocurrencies is highly risky and not suitable for the general public. DPT service providers should therefore not portray the trading of DPTs in a manner that trivialises the high risks of trading in DPTs, nor engage in marketing activities that target the general public”.
Recently, MAS refused licences to over 100 DPT services as according to reports, 103 of them had failed to meet the integral criteria for regulation, thus their regulatory status was removed.Regulations surrounding crypto are sparse, and for regulators worldwide, crypto advertisements have been seen as a hindrance and a cause for concern.
The concern that crypto advertisers fail to stress the associated risks of crypto trading, all the while advertising all-time highs and successful profits, also raises eyebrows for regulators.
It isn’t just Singapore tightening its rules surrounding crypto advertising. The Indian High Court, TikTok and the UK, also share the same concerns.
You can still use crypto online by simply heading over to Bitcasino.io, 1xBit and BitStarz.com.