In its newly issued set of guidelines for digital payment token (DPT) providers, the Monetary Authority of Singapore has barred them from marketing their services in public areas. The guidelines, issued on Jan. 17, prohibited DPT companies from advertising their services in public places such as public transportation, public transportation venues, public websites, social media platforms, broadcast, and print media.
The MAS also warned the general public of high risks related to cryptocurrencies.
In addition to banning DPT companies from advertising their services in public places, the MAS also warned the general public of the high risks associated with the crypto market. The new set of guidelines will be applicable for all the registered crypto services providers and those in the transitional period. The guidelines stated, “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.“
New guidelines also prohibit installing crypto ATMs in public places.
The new guidelines from MAS also prohibit crypto service providers from opening physical automated teller machines (ATMs) in public areas. However, DPT companies can still promote or advertise their services on their native websites or mobile apps. The decision from the central bank comes amid the growing popularity of cryptocurrencies along with an increase in the number of physical crypto advertisements in the country. Crypto advertisements have become a growing issue for regulators around the globe in recent times, especially given there are very limited regulations around the crypto market.