Singapore Central Bank warns crypto firms against promoting services
livemint.comSingapore’s central bank on Monday moved to discourage the public from trading in cryptocurrencies, telling service providers that they shouldn’t promote their services in the country.
The trading of cryptocurrencies “is highly risky and not suitable for the general public, as prices of DPTs [digital payment tokens] are subject to sharp speculative swings," the Monetary Authority of Singapore said.
The new guidelines state that cryptocurrency service providers can only advertise or market their services on their own corporate websites, mobile apps or social media accounts. They can’t advertise via public transport venues, public websites, broadcast and print media, among other mediums.
Given the risks involved, providers shouldn’t portray crypto trading in a way that trivializes those risks, MAS said.
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