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HomeDigit NewsHigh-risk investment: Cryptocurrency banned from advertising and promotion in Singapore

High-risk investment: Cryptocurrency banned from advertising and promotion in Singapore

Singapore restricts the promotion of cryptocurrency. The Monetary Authority of Singapore (MAS) has released new regulations governing cryptocurrencies that essentially ban their advertising and marketing of services. Singapore reportedly considers virtual money to be a very risky investment and trading tool.

Any service provider, company, agency or major intermediary dealing with cryptocurrencies must not advertise their services in Singapore. Service providers must not advertise their offerings or services to the local community. The guidelines currently apply to companies such as banks and payment institutions that deal with cryptocurrencies, but they will soon be applicable to anyone who transfers cryptocurrencies and offers wallet services.

The new rules ban advertising of cryptocurrencies on public transport, websites, social networks, television and print media. Advertising banners or pop-ups pointing to digital tokens are not allowed on third-party websites and even on social networks. Singapore also bans social media influencers from promoting cryptocurrency services to the local population.

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With such restrictions, cryptocurrency service providers now only have their own corporate websites, mobile apps, or official social media accounts where they can freely promote their services. The Payment Services Act is expected to expand the scope of the ban. Currently, only those who buy or sell cryptocurrencies and also facilitate the exchange of digital payment tokens are subject to the law. In the near future, even cryptocurrency exchanges that do not have stocks will have to comply with the new law.

It is clear that the Singapore administration views cryptocurrencies as a very risky investment. The regulator has repeatedly warned about trading in cryptocurrencies, warning the local population about sharp speculative rate fluctuations.


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