After India, Singapore has now warned cryptocurrency and digital token providers not to promote or advertise their digital tokens via various media platforms to the general public. In new guidelines, the Monetary Authority of Singapore (MAS) said that digital payment token (DPT or more commonly known as cryptocurrency) service providers should not promote their DPT services to the general public in Singapore.
According to the reports, the new guidelines also apply to banks and payment institutions that offer such services and these will further be expanded to include the transfer of cryptocurrencies and provision of wallet services. DPT service providers include payment institutions, banks and other financial institutions, as well as applicants under the Payment Services Act (PS Act).
Further the authority warned that trading cryptocurrencies is highly risky and not suitable for the general public, as the prices of crypto are subject to sharp speculative swings. The new guidelines clarify that DPT service providers should not engage in marketing or advertising of DPT services via all kinds of advertisements, across the media as well as social media influencers.
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