SINGAPORE: Service providers of digital payment token , or more commonly known as cryptocurrency, should not promote their services to the general public in Singapore, the Monetary Authority of Singapore said on Monday .
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. Examples of digital payment tokens are cryptocurrencies like Bitcoin or ether. Digital payment token service includes the buying or selling of digital payment tokens, or providing a platform to allow people to exchange such tokens in Singapore.
At the moment, Singapore's regulations are geared primarily towards protection against money laundering and terrorism financing. Digital payment tokens are not subject to consumer protection measures.MAS said it has consistently warned that the trading of digital payment tokens are “highly risky and not suitable for the general public” given how the prices of these tokens are subject to sharp speculative swings.
So can we report those who advertise crypto even on social media and get rewards?
So do stocks and GST is levered on every trade.
Such behaviour could “encourage consumers to trade digital payment tokens on impulse, without fully understanding the attendant risks” Isn't that the consumer's fault for not doing their own due diligence?
CB runned by 🤡
Good.
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