17 Jan 2022 03:33PM
(Updated: 17 Jan 2022 10:27PM)
SINGAPORE: Service providers of digital payment token (DPT), or more commonly known as cryptocurrency, should not promote their services to the general public in Singapore, the Monetary Authority of Singapore (MAS) said on Monday (Jan 17).
This includes placing any form of advertisements or promotional materials in public areas, such as public transport and related venues, public websites, broadcast and print media, and the provision of physical automated teller machines (ATMs).
Service providers should also not be engaging third parties, like social media influencers, for joint promotional campaigns to solicit new customers, said the central bank as it issued new guidelines to "discourage" cryptocurrency trading by the general public.
According to the guidelines, digital payment token service providers can only market or advertise on their own corporate websites, mobile apps or official social media accounts.
“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,” said the central bank’s assistant managing director for policy, payments and financial crime Loo Siew Yee.
Much more at: https://www.channelnewsasia.com/business...ks-2440416