MAS (Monetary Authority of Singapore) Tries To Prohibit Public Crypto-Related Advertisements
The Monetary Authority of Singapore (MAS) has issued new regulations aimed at reducing retail speculation in a variety of risky assets.
The former advertising channels, such as internet platforms, physical ads, and the provision of physical automated teller machines (ATM) in public spaces, would no longer be utilized, according to MAS. Advertisements should only be placed on websites, mobile applications, or official social media.
MAS Assistant Managing Director (Policy, Payments, and Financial Crime), Ms. Loo Siew Yee, said, “MAS strongly encourages the development of blockchain technology and innovative application of crypto tokens in value-adding use cases. But the trading of cryptocurrencies is highly risky and not suitable for the general public. DPT service providers should therefore not portray the trading of DPTs in a manner that trivialises the high risks of trading in DPTs, nor engage in marketing activities that target the general public.”
The law applies to organizations such as banks, payment service providers, and cryptocurrency exchanges.
Because of the country’s strict law, Binance has been hesitant to operate there. Binance withdrew its application for crypto permission in December of last year, stating that it expected to shut its operations in this country by February 13, 2022.
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