Singapore Bars Crypto Service Provide from Displaying outdoor advertisement

Singapore Financial regulator prohibited crypto service provider from outdoor advertisement. Monetary Authority Singapore (MAS) published a guidelines instructing crypto service provider to stop advertising in public areas areas in Singapore or through any other media directed at the general public in Singapore. The new guidelines can be found here: GUIDELINES ON PROVISION OF DIGITAL PAYMENT TOKEN SERVICES TO THE PUBLIC

MAS, Monetary Authority Singapore
Picture from https://www.mas.gov.sg/

According to the guideline, crypto service provider however, is free to advertise on their service on their own website, apps or social media account.

Loo Siew Yee, MAS Assistant Managing Director for Policy, Payments and Financial Crime quoted saying,  “The trading of cryptocurrencies is highly risky and not suitable for the general public”.

MAS stresses that “DPT service providers should conduct themselves with the understanding that trading of DPTs is not suitable for the general public. These Guidelines set out MAS’ expectation that DPT service providers should not promote their DPT services to the general public in Singapore”.

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