Singapore cautions against marketing of cryptocurrency services to public

Singapore has instructed providers of cryptocurrency services not to promote or advertise their offerings to the general public. This applies to companies such as banks and payment institutions that offer such services, and will be further expanded to include the transfer of cryptocurrencies and provision of wallet services. 

The Monetary Authority of Singapore (MAS) on Monday released new guidelines highlighting that Digital Payment Token (DPT), or commonly known as cryptocurrency, service providers should not promote their offerings to the local population. 

This effectively means these providers cannot market or advertise their services in public areas, such as through advertisements on public transport, websites, social media, broadcast and print media, and the provision of physical ATMs (automated teller machines). Promotional banners or pop-up ads, for example, on social media platforms should not be used to promote DPT services. 

The engagement of third parties including social media influencers to promote cryptocurrency services to the Singapore public also are not permitted. 

DPT service providers can only market or advertise on their own corporate websites, mobile apps, or official social media accounts, according to MAS. 

Services that fall under the guidelines include the buying or selling of cryptocurrencies as well as facilitating the exchange of cryptocurrency. This classification

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