The Monetary Authority of Singapore (MAS), has issued a set of new guidelines for digital payment token providers (DPT), which prohibits them from marketing in public areas.
The guidelines were published Jan. 17 and warned the public about the risks of crypto markets. They also prohibited DPT companies advertising their services in public places like public transport, public transportation venues, websites, social media platforms, broadcast media and print media.
All registered providers of crypto services, as well as those in transition, will be subject to the new guidelines.
“MAS emphasizes that DPT service providers must understand that DPT trading is not appropriate for the general population. These Guidelines outline MAS’ expectations that DPT service providers shouldn’t promote their DPT services in Singapore to the general population.
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New guidelines prohibit crypto service providers from opening ATMs in public areas. DPT companies are still allowed to promote and advertise their services via their native websites or mobile apps. This decision by the MAS is due to the increasing popularity of cryptocurrencies and an increase in physical crypto advertisements in the country.
Regulators around the world are increasingly concerned about crypto advertisements, given the limited regulation surrounding the cryptocurrency market. Regulators suspect that crypto marketers often hide or fail to disclose the inherent risks of crypto trading, while still promoting high profits. In the past, crypto advertisements have been rebuffed by both the Indian high court and the United Kingdom’s advertisement watchdogs.