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Singapore’s Central Bank Cuts Down on Crypto Advertisments

Singapore’s Central Bank Cuts Down on Crypto Advertisments

In an attempt to protect people from risky investments, the Monetary Authority of Singapore imposed new restrictions for crypto trading advertisements in the region.

While Singapore has been quite crypto-friendly with better leeway for companies involved in digital asset trading, the government started putting virtual currency platforms under the microscope in late 2021.

The latest was Binance which closed its operations in Singapore in mid-December due to unsuccessful negotiations with regulators.

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Based on a January 17th report, Singapore’s Monetary Authority (or MAS) will be putting new restrictions in motion which will limit advertisement campaigns by crypto exchanges or any other digital asset-based companies. 

The MAS Assistant Managing Director Loo Siew Yee told reporters that the bank "strongly encourages the development of blockchain technology and innovative application of crypto tokens in value-adding use cases." However, he mentioned the threats that digital assets may cause for the people of Singapore, stating:

"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."

These regulations seem to stem from the Q&A posted by the Ministry of Home Affairs in Singapore where crypto scams were addressed by the Minister for Home Affairs and Law K. Shanmugam.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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