Previously known for its pro-crypto stance, the Monetary Authority of Singapore (MAS) has now taken not-so-friendly steps to ensure limited exposure of crypto assets to the general public. With the latest guidelines on crypto advertising, the country’s central bank is adamant about dissuading the country’s citizens from participating in many crypto trading activities.
Taking a firm stance on crypto companies looking to promote their services, MAS has issued a set of guidelines that stated that “DPT service providers should not promote their DPT services to the general public in Singapore.”
The regulatory protocol also warned the citizens of the city-state to not engage in crypto-related activities as they are “highly risky” investments and not suitable for the general public.
The Digital payment token (DPT) service providers, including payment institutions, banks, other financial institutions, are now restricted to promoting their services in public places such as public transportation, public transportation venues, public websites, social media platforms, and broadcast, magazines and other print media.
In addition, crypto-service providers cannot sponsor their products or services via third parties like social media influencers. Providers are also restricted from providing “physical ATMs in public areas in Singapore to facilitate public access to their DPT services.”
The guidelines read:
“MAS stresses that DPT service providers should conduct themselves with the understanding that trading of DPTs is not suitable for the general public. These Guidelines set out MAS’ expectation that DPT service providers should not promote their DPT services to the general public in Singapore.”
Singapore, owing to its large crypto-owning population and fairly clear regulatory and operating environment, was called the world’s top crypto country by Ireland-based fintech start-up Coincub in December 2021.