The Monetary Authority of Singapore (MAS) issued a set of guidelines on Monday that limit crypto firms from advertising their services to the public.
- Digital payment token (DPT) service providers “should not promote their DPT services to the general public in Singapore,” MAS said in a statement.
- Crypto is “highly risky and not suitable for the general public” and service providers should not trivialize the high risks of trading, the central bank said.
- Digital asset firms should not market their services in public areas or media that address the general public including newspapers, broadcast and magazines or social media platforms. That includes collaborations with influencers, MAS said.
- Crypto ATMs are considered a form of promotion and so should also not be made available in public areas. Crypto firms are allowed to advertise on their own sites and social media accounts.
- The guidelines apply to all firms offering crypto services in Singapore, including those licensed under Singapore’s Payment Services Act, which gives crypto firms a path to regulated operations in the city state.
- “We initially expect to see firms mandating suitability tests for retail customers, tightening trading limits and augmenting training of sales staff regarding interactions with retail customers,” Chris Holland, a partner at regulatory consulting firm Holland & Marie, told CryptoX.
UPDATE (Jan. 17, 10:55 UTC): Adds comment from Chris Holland in last bullet point.
