Singapore announces ban on commercial advertising and promotion of cryptocurrency

Singapore is cracking down on cryptocurrency advertising. Singapore Financial Institutions (MAS) has announced the introduction of new information on Digital Payment Tokens (DPTs) (commonly referred to as cryptocurrencies) which significantly restrict the publication and trading of related services. According to the report, the country views virtual currencies as a dangerous investment or auto market.

No service provider, company, agency or intermediary involved in the cryptocurrency industry will advertise its services in Singapore. Suppliers must not advertise their products or services to local residents. The information is currently applicable to businesses such as banks and payment institutions that administer cryptocurrencies, but will soon apply to anyone who trades cryptocurrencies and provides wallet services.

Important information prohibits the publication of cryptocurrencies in public transport, websites, social media, advertising and print media. Banner ads or pop-ups pointing to digital tokens on third-party websites or social media platforms are not permitted.

Interestingly, automated teller machines (ATMs) are also prohibited. Singapore has also banned the media from interfering with the promotion of cryptocurrency services to locals.

Under these restrictions, cryptocurrency providers currently only promote their services for free on their own company websites, mobile apps, or political social media accounts. If this is not enough, the service payment policy should extend the restriction. Currently, only exchanges that buy and sell cryptocurrencies and those that open digital payment tokens are subject to this policy. Going forward, even out-of-stock cryptocurrency exchanges will have to comply with the new rules.

It is true that the Singapore government views cryptocurrencies as a risky business or financial instrument. Previous regulators have repeatedly warned the cryptocurrency market, warning people of swing speculation in cryptocurrency measurement.