the Monetary Authority of Singapore (MAS) returned guidelines advising cryptocurrency firms to limit advertising of its services to the public, says MAS declaration Monday (January 17). The guidelines cover a wide range of businesses, including banks, payment service providers, and crypto exchanges.
Digital Payment Token (DPT) service providers “must not present DPT trading in a manner that trivializes the high risks of DPT trading, and must not promote their DPT services in public areas of Singapore or through any other media intended for the general public”. in Singapore”, MAS Assistant Managing Director (Policy, Payments and Financial Crime) Loo Siew Yee said in the press release.
“This includes the placement of any form of advertising or promotional material in public areas such as Singapore public transport, public transportation venues, broadcast media or periodical publications, third party websites, media platforms socials, public events or roadshows,” the guidelines read.
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MAS said crypto ATMs are considered a form of promotion and therefore should also not be made available in public areas and said DPT providers should not collaborate with social media influencers. Crypto firms can, however, advertise on their own sites and social media channels.
“MAS strongly encourages the development of blockchain technology and the innovative application of crypto tokens in value-added use cases. But cryptocurrency trading is very risky and not suitable for the general public,” Yee said. .
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All companies offering crypto services in Singapore, including those licensed under Singapore’s Payment Services Act, must adhere to the guidelines.
So far, MAS has licensed four companies to provide digital payment token services out of a pool of around 180 applicants – Fomo Pay, Independent Reserve, DBS Vickers and Triple A.
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