The Monetary Authority of Singapore (MAS) on Monday issued guidelines that limit cryptocurrency trading service providers from promoting their services to the general public, as part of a bid to shield retail investors from potential risks.
Singapore is a popular location for cryptocurrency companies due to a comparatively clear regulatory and operating environment and is among the forerunners globally in developing a formal licensing framework.
But the city-state's authorities have repeatedly warned that trading in digital payment tokens , or cryptocurrency, is highly risky and not suitable for the general public, as they are subject to sharp speculative swings.
They can only market or advertise on their own corporate websites, mobile applications or official social media accounts. "MAS strongly encourages the development of blockchain technology and innovative application of crypto tokens in value-adding use cases," Loo Siew Yee, MAS Assistant Managing Director , said in a statement.
"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.
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