Singapore issues crypto-discouraging rules

The Monetary Authority of Singapore (MAS) has issued guidelines that limit cryptocurrency trading service providers from promoting their services to the general public.

The new guidelines has it that companies should not engage in marketing or advertising of DPT services in public areas in Singapore or through the engagement of third parties, such as social media influencers, to promote DPT services to the general public.

They can only market or advertise on their own corporate websites, mobile applications or official social media accounts.

While MAS favours the development of blockchain technology and innovative application of crypto tokens, Loo Siew Yee, MAS Assistant Managing Director said that trading of cryptocurrencies is highly risky and not suitable for the general public.

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