According to Bloomberg, the monetary authority of Singapore (MAS) released guidelines on Monday to restrict cryptocurrency trading service providers from promoting their services to the public. The Singapore authorities have repeatedly warned that the transaction risk of digital payment token (DPT) or cryptocurrency is very high and is not suitable for the general public because they are vulnerable to severe speculative fluctuations.
The new guidelines clarify MAS' expectation that the company should not engage in the marketing or advertising of DPT services in public places in Singapore, nor promote DPT services to the public through the participation of third parties (such as social media influencers). Cryptographic service providers can only market their activities on their own websites, mobile applications or official social media accounts.
In addition, the guidelines apply to DPT service providers including banks and other financial institutions, Payment institutions under the payment services act, and entities whose applications are currently being reviewed by MAS, but there are no penalties for violations.