The Monetary Authority of Singapore (MAS) has handed down guidelines advising cryptocurrency firms to curtail advertising its services to the public, according to a MAS statement on Monday (Jan. 17). The guidelines cover a wide range of businesses, including banks, payment service providers and crypto exchanges.
Digital payment token (DPT) service providers “should not portray the trading of DPTs in a manner that trivializes the high risks of trading in DPTs, and should not promote their DPT services in public areas in Singapore or through any other media directed at the general public in Singapore,” MAS Assistant Managing Director (Policy, Payments and Financial Crime) Loo Siew Yee said in the statement.
“This includes placing of any form of advertisements or promotional materials in public areas such as Singapore public transport, public transport venues, broadcast media or periodical publications, third party websites, social media platforms, public events or roadshows,” the guidelines indicated.
MAS said that crypto ATMs are considered a form of promotion and so should also not be made available in public areas and said that DPT providers shouldn’t 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 innovative application of crypto tokens in value-adding use cases. But the trading of cryptocurrencies is highly risky and not suitable for the general public,” Yee said.
All firms offering crypto services in Singapore, including those licensed under Singapore’s Payment Services Act, must adhere to the guidelines.
So far, MAS has granted four firms a license to provide digital payment token services out of a pool of about 180 applicants — Fomo Pay, Independent Reserve, DBS Vickers, and Triple A.