The MAS stated that it has noticed certain providers aggressively advertising their services via online and offline ads or by placing ATMs in public locations. This, it has pointed out, might tempt people to take up cryptocurrency trading on the spur of the moment, without fully realizing the dangers.
The latest norms prohibit cryptocurrency providers from promoting or marketing their services in publicly accessible venues such as webpages, major newspapers, or social networking sites, or via the use of other kind of intermediates. They may advertise and promote only via their web pages, mobile apps, and authorized social media profiles.
“MAS firmly welcomes the advancement of blockchain systems and the creative utilization of cryptocurrency tokens in value-boosting applications,” added Loo Siew Yee, MAS’s assistant managing director of Policy, Payments, and Financial Crime.
“However, cryptocurrency trading is very dangerous and not recommended for the common people. Consequently, firms offering DPT [Digital Payment Token] related services are prohibited from representing DPT dealing in a way that downplays the severe risks associated with DPT speculation, nor should they participate in marketing efforts directed at the common people.”
Singapore is not the first jurisdiction to impose additional limitations on cryptocurrencies, as Kosovo outlawed the cryptocurrency a few days back in an attempt to rein down energy use after a wave of blackouts throughout the nation. Kosovo is now experiencing the “biggest energy crunch in ten years,” prompting the government to implement power cutbacks and a nationwide emergency that is anticipated to continue until the end of next month.