- The Monetary Authority of Singapore has cracked down on cryptocurrency advertising
- The authority warned that crypto trading is “not suitable for the general public”
- Crypto platforms in Singapore can only advertise through their own websites, apps, and social media accounts
Authorities in Singapore have cracked down on cryptocurrency marketing and have warned that trading in digital assets is “not suitable for the general public”. The Monetary Authority of Singapore warned in guidance issued yesterday that cryptocurrency providers are no longer allowed to advertise outside of their own websites, apps, and social media accounts, while the use of social media influencers is also now forbidden.
Singapore Crypto Stance Has Hardened
Singapore took a more democratic view of cryptocurrencies when it announced a new regulatory framework in 2018, but it seems that this relatively open policy has been replaced by a more authoritarian stance.
The MAS guidance pulls no punches when it comes to what it thinks about cryptocurrencies, saying that it has “consistently warned the public that the trading of digital payment tokens…is highly risky and not suitable for the general public”, adding that “the public should not be encouraged to engage in the trading of DPTs.”
Public Advertisement Ban Announced
In line with the new rules, cryptocurrency service providers have been warned that they “should not promote their…services to the general public in Singapore”. This ban includes “public transport, public transport venues, broadcast media or periodical publications, third party websites, social media platforms, public events or roadshows.”
They are allowed to advertise on their own websites, apps and social media pages, but when doing so they must not “trivialise” the risks of crypt trading. Singapore-based crypto entities are now also banned from using social media influencers to promote their products and services.
