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.