Marketing Of Cryptocurrency Trading Banned In Singapore
Singapore’s financial regulators have banned promoting cryptocurrency services in the city.
A set of guidelines has been published by the monetary authority of Singapore, stating crypto users to stop marketing or advertising their offerings to retail investors, both physical and virtual.
The announcement comes as authorities have already denied several users with a slow pace of approval for the platform seeking to set up operations in Singapore.
Cryptocurrency players should not ask customers through ads on different platforms like through social media platforms, public websites, public transport, etc. Physical ATMs that provide crypto tokens are discouraged. However, marketing or advertising on their corporate websites or mobile applications is still valid.
Loo Siew yee, MAS assistant managing director for policy payment and financial crime, said in a press statement on Monday that “trading of cryptocurrencies is highly risky and not suitable for the general public “.
“Therefore, DPT services provider should not portray the trading of DPTs in the manner that shows a high risk of trading in DPTs that engage in marketing activities that target the general public “, said Loo Siew yee about digital payments tokens, which is used by Singapore central to cover cryptocurrencies like bitcoin and Ethereum.
Foris DAX Asia, a Singapore-based company that handles crypto.com trading platforms, has been promoting its portal in movie theatres. The company even hired American actor Matt Damon to feature in their ads.
“FORTUNE FAVORS THE BRAVE” is the tagline used for crypto.com by Hollywood stars, shown before the movie starts on many multiplex screens in Singapore.
MAS guidelines set these ads to no longer be shown in the public venus.
A risk warning is provided to the customers of digital payments tokens (DPTs) services providers. That disclaimer on crypto.com says that “you may not be able to recover all your money or DPTs you paid to foris DAX pte. ltd, we the company, fails.