Singapore tells crypto firms not to market services to public

Singapore tells crypto firms not to market services to public

This illustration photograph shows a physical banknote and coin imitations of the Bitcoin cryptocurrency. (Photo: AFP)
This illustration photograph shows a physical banknote and coin imitations of the Bitcoin cryptocurrency. (Photo: AFP)

Singapore's financial regulator told companies in the cryptocurrency industry to refrain from advertising their services to the public, in line with the city-state's desire to curb retail speculation in volatile digital assets.

Service providers should only market their activities on their own websites, mobile applications, or official social media accounts, the Monetary Authority of Singapore said Monday in a statement.

The guideline will cover a broad array of businesses, from banks to payment service providers and crypto exchanges. 

"MAS has observed that some DPT service providers have been actively promoting their services through online and physical advertisements or through the provision of physical automated teller machines in public areas," the regulator said, referring to what it calls digital payment tokens, its preferred terminology for cryptocurrencies. That could fuel speculation among traders who do not fully grasp the risks, the MAS said.

In embracing crypto, Singapore is trying to balance the benefits of financial innovation with the risks stemming from retail traders investing in tokens prone to wild price swings. Some billboards advertising digital-asset exchanges in the city-state last year have since been taken down.


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