Singapore is trying to limit crypto advertising activities because of concerns that people do not anticipate all the risks when investing.
The Monetary Authority of Singapore (MAS) recently said that “people should not be encouraged to participate in cryptocurrency trading” because this market has many potential risks.
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The MAS requires crypto service providers to advertise their products only on their own websites, apps or social media. And when advertising must attach warnings to let people know about the risks of investing in cryptocurrencies.
“The risks of investing in cryptocurrencies should not be trivialized,” the MAS said.
In addition to restricting crypto advertising, the Regulatory Authority also recently banned ATMs that deal in digital currency:
“Having such convenient access to cryptocurrency exchanges can lead people to act impulsively without taking the risks of trading into account.”
According to a report from Nikkei Asia, more than 100 of the 170 crypto companies in Singapore that applied for a license were either rejected or withdrawn by the Regulatory Authority entirely.
In September last year, Singapore requested Binance suspend all trading activities before obtaining the license.