MAS advertising curbs: Cryptocurrency firm cuts marketing push, another closes bitcoin ATMs

MAS advertising curbs: Cryptocurrency firm cuts marketing push, another closes bitcoin ATMs

18/1/2022 5:49:00 PM

MAS advertising curbs: Cryptocurrency firm cuts marketing push, another closes bitcoin ATMs

SINGAPORE — A day after Singapore's central bank urged cryptocurrency firms not to advertise their services in public spaces, at least one company firm in the sector said it will be pulling back on its marketing campaign and another has turned off its bitcoin automated teller machines (ATMs).

However, it added that these companies may still advertise on their own corporate websites, mobile applications or official social media accounts.Even though these are guidelines that do not come with penalties, an MAS spokesperson said it expects regulated entities to take immediate steps to adhere to them.

“”"Our team looks forward to working with MAS and our industry associates, in finding a balance between protecting the consumers and ensuring continued and responsible industry growth," he said.Mr Kim also said that he expects that there will be more guidance on what MAS considers the promotion of cryptocurrency services, though he added that his company is not affected by these newest recommendations as they have not done any promotional activities to the general public other than for educational purposes.

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