MAS discourages cryptocurrency firms from advertising their 'highly risky' services in public spaces

17/1/2022 10:36:00 AM

MAS discourages cryptocurrency firms from advertising their 'highly risky' services in public spaces

MAS discourages cryptocurrency firms from advertising their 'highly risky' services in public spaces

SINGAPORE — The Monetary Authority of Singapore (MAS) has issued a set of guidelines discouraging cryptocurrency firms from advertising their services in public areas or by engaging third parties, including social media influencers.

These firms are also discouraged from providing physical automated teller machines (ATMs) to provide cryptocurrency services.MAS said that it has observed that cryptocurrency firms, or what it calls digital payment token (DPT) companies, have been actively promoting their services in Singapore, whether through physical or online advertisements or by providing ATMs in public areas.

"MAS has consistently warned that trading DPTs is highly risky and not suitable for the general public, as the prices of DPTs are subject to sharp speculative swings," said the central bank.It added that marketing and advertising campaigns could"encourage consumers to trade DPTs on impulse, without fully understanding the attendant risks".

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