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Southeast Asian country had been famous for its regulations and rules from time to time, with the intentions of keeping the crypto industry safe for the citizens
Famously being called South East Asia’s crypto hub, Singapore has now developed regulations regarding crypto advertisements. On Monday, the country’s central bank, the Monetary Authority of Singapore (MAS), came up with the new guidelines. These new guidelines are for crypto firms like digital payment token providers (DPT). To limit their advertisements related to cryptocurrencies and related information in open public areas.
Guidelines have mentioned the exceptions and the reason behind curbing the ads. In its statement, MAS said that digital payment token providers could not publicly put up their service ads. Crypto firms should also not use general public media such as newspapers or magazines, broadcast or not even social media or influencers for their advertisements. However, posting ads on their platforms, whether their app or social media accounts, are allowed. The aim is not to let ordinary citizens be exposed directly to crypto, who knowingly or unknowingly started investing in crypto influenced by shiny advertisements without the knowledge or proper financial planning.
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Crypto ATMs have been considered, too, because they also promote crypto as it seeks attention subconsciously. MAS has clarified that crypto is still volatile and risky, which the general public still not entirely understood. Issued regulations and guidelines will apply to every crypto firm in Singapore, either licensed or working on, under the procedure of licensing.
Other than advertisements, Crypto firms have also been instructed to test the customer’s suitability and eligibility for investment. Tight trading limits if possible and provide training to sales staff to interact with retail customers, because of the simple fact that a traditional investor and a new retail investor possess a lot of difference in terms of knowledge, experience, and funds as well.
Singapore’s action against advertisements has been a severe issue among authorities around many countries. Advertisements are considered to show the flashy side of crypto, huge profits, and attract customers. But hide the risks included in crypto trading and uses. Other than Singapore, regulators in the United Kingdom and India have also taken suitable actions regarding crypto advertisements in the past.
Despite strict regulations implementations regarding crypto, Singapore still seems to be a suitable place for crypto from time to time. Many crypto firms and exchange platforms can assure this. Some days back, crypto hub countries have also strictly announced legalizing crypto firms and exchanges in Singapore. Regardless of native firms or foreign. That even resulted in the stepping back of the most prominent crypto exchange firm, Binance, from the country. Further, Binance has announced to wrap up its work from Singapore till February.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
