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.<\/p>\n
Under the published \u043f\u0440\u0430\u0432\u0438\u043b\u0430\u043c<\/a>, 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.<\/p>\n The regulator also spoke out against advertising crypto services using influencers on social media.<\/p>\n \u201cDPT service providers may promote their services on their own corporate website, in a mobile app, or on their official social media accounts,\u201d the document states.<\/p>\n<\/blockquote>\n According to the agency, trading digital assets \u201cis highly risky and not suitable for the broader public,\u201d and crypto-service providers should not \u201ctrivialise\u201d the associated risks.<\/p>\n 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.<\/p>\n \u201cMAS notes that some DPT-service providers are actively promoting their services through advertising or by installing physical ATMs in public places,\u201d the agency said.<\/p>\n<\/blockquote>\n MAS believes the new rules will help reduce the risk of speculation among traders and impulsive purchases of cryptocurrencies by users.<\/p>\n As reported in December 2021, the UK regulator banned<\/a> seven crypto-related advertising campaigns, including Coinbase Europe and eToro.<\/p>\n\n
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