Singapore Restricts Crypto Ads — Central Bank Says Crypto Trading Not Suitable for the General Public – Regulation Bitcoin News

Singapore’s central bank has issued guidelines to discourage cryptocurrency trading by the general public.

Cryptocurrencies, Crypto

1/18/2022 3:32:00 AM

The Singapore central bank emphasized that “the trading of cryptocurrencies is highly risky and not suitable for the general public.” Crypto bitcoin

Singapore ’s central bank has issued guidelines to discourage cryptocurrency trading by the general public.

Singapore’s Central Bank Discouraging Crypto Trading by the General PublicThe Monetary Authority of Singapore (MAS), the nation’s central bank, announced Monday that it has issued guidelines “to discourage cryptocurrency trading by [the] general public.”

The guidelines restrict cryptocurrency trading service providers from promoting their digital payment token (DPT) services to the general public. DPT is commonly known as cryptocurrency, the MAS clarified.The central bank explained that companies should not market or advertise crypto services in public areas in Singapore or use third parties, such as social media influencers, to promote cryptocurrency services to the general public.

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Singapore Urges Local Crypto Companies to Refrain From Promoting Digital Assets: ReportThe MAS insists on local crypto companies promoting their services only on their websites, official social media accounts, or mobile applications.

Singapore curbs crypto marketing in digital asset crackdown Singapore advised that service providers should only market their wares on their own websites, apps or social media. RazorSpleen PAP knows you've been buying irenedao Bullish 🚀

Singapore cbank issues guidelines to discourage crypto trading by publicThe Monetary Authority of Singapore (MAS) on Monday issued guidelines that limit cryptocurrency trading service providers from promoting their services to the general public, as part of a bid to shield retail investors from potential risks.

India’s Prime Minister Calls for Uniform Approach to Crypto RegulationIndian Prime Minister Narendra Modi urged other countries to jointly shape cryptocurrency regulations

The central bank emphasized that “the trading of cryptocurrencies is highly risky and not suitable for the general public.” Singapore’s Central Bank Discouraging Crypto Trading by the General Public The Monetary Authority of Singapore (MAS), the nation’s central bank, announced Monday that it has issued guidelines “to discourage cryptocurrency trading by [the] general public.” The guidelines restrict cryptocurrency trading service providers from promoting their digital payment token (DPT) services to the general public. DPT is commonly known as cryptocurrency, the MAS clarified. The central bank explained that companies should not market or advertise crypto services in public areas in Singapore or use third parties, such as social media influencers, to promote cryptocurrency services to the general public. Companies can only market or advertise crypto services on their own corporate websites, mobile applications, or official social media accounts. Loo Siew Yee, the MAS’ assistant managing director for policy, payments, and financial crime, noted that the central bank “strongly encourages the development of blockchain technology and innovative application of crypto tokens in value-adding use cases.” However, she stressed: But the trading of cryptocurrencies is highly risky and not suitable for the general public. DPT service providers should therefore not portray the trading of DPTs in a manner that trivializes the high risks of trading in DPTs, nor engage in marketing activities that target the general public. The MAS emphasized that crypto service providers “should conduct themselves with the understanding that trading of DPTs is not suitable for the general public.” The Singaporean central bank has repeatedly warned that cryptocurrency trading is “highly risky and not suitable for the general public” given how the prices of these coins are subject to sharp speculative swings. About 170 companies have to provide crypto services in Singapore. However, more than 100 of them have either been turned down or withdrawn their applications. Tags in this story