The Monetary Authority of Singapore (MAS) has advised cryptocurrency firms not to advertise their services to the general public to avoid the risk of speculation.
Under the published правилам, providers of digital payment token (DPT) services should not promote them in public spaces or on transport, nor use third-party websites, social media platforms, or electronic and print media for such promotion.
The regulator also spoke out against advertising crypto services using influencers on social media.
“DPT service providers may promote their services on their own corporate website, in a mobile app, or on their official social media accounts,” the document states.
According to the agency, trading digital assets “is highly risky and not suitable for the broader public,” and crypto-service providers should not “trivialise” the associated risks.
The recommendations are addressed to licensed entities, including banks, payment-service providers and cryptocurrency exchanges, as well as those who have applied for approval. However, no liability is provided for violations of the rules.
“MAS notes that some DPT-service providers are actively promoting their services through advertising or by installing physical ATMs in public places,” the agency said.
MAS believes the new rules will help reduce the risk of speculation among traders and impulsive purchases of cryptocurrencies by users.
As reported in December 2021, the UK regulator banned seven crypto-related advertising campaigns, including Coinbase Europe and eToro.
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