Singapore bans public domain advertising of Crypto Services

Singapore Financial Institutions (MAS) has announced new guidelines for Digital Token Payment (DPT) providers that restrict the publication of their services to the public.

In addition to prohibiting DPT companies from advertising their public services such as mass transit, mass transit, public websites, social media platforms and in the media, the information warns the public about high risks associated with the crypto industry. warn you. and publish news.

The new set of procedures apply to all cryptocurrency providers and exchange providers.

"I urge DPT vendors to understand and engage with the DPT industry that is not suitable for the general public. This information reinforces MAS' expectations that DPT vendors should not support services of DPT to the people of Singapore.”

The new standard also prohibits cryptocurrency providers from setting up ATMs in public places. However, DPT companies may continue to promote or advertise their services on their own website or mobile application. The decision by the Monetary Authority of Singapore relates to the popularity of cryptocurrencies and the development of offline crypto advertising in Singapore.

Crypto advertising has become an issue for regulators around the world, especially given the restrictions imposed on the cryptocurrency market. Regulators believe that cryptocurrency advertisers often earn high returns when they hide or hide the risks associated with the cryptocurrency market. Apart from Singapore, regulatory bodies in the UK and higher courts in India have also recently been involved in cryptocurrency publicity.