Monday Central Bank of Singapore It has been announced by the Monetary Authority of Singapore (MAS) that it has enacted regulations “to deter widespread, public cryptocurrency trading.” According to the guidelines, bitcoin trading service providers are prohibited from selling their ‘digital payment token (DPT)’ services to the general public.
Statement from the Central Bank of Singapore
According to the Central Bank, businesses can be found in public places in Singapore as well as through third parties such as social media influencers. Bitcoin (BTC) It is prohibited from offering or advertising services. Businesses may only advertise and provide Bitcoin services on their companies’ websites, mobile apps, and official social media accounts, not on third-party websites.
Assist. Loo Siew Yee, Director-General of Payments and Financial Crimes at the Monetary Authority of Malaysia (MAS), said the central bank “actively supports the development of blockchain technology and creative use cases for cryptocurrency tokens.”
“Cryptocurrency trade is dangerous and should not be attempted by the public. Therefore, SPO service providers should avoid minimizing the serious dangers associated with SPO trading and engaging in public marketing campaigns when discussing SPO trading.”
According to MAS, cryptocurrency service providers “must act commensurately with the awareness that DPT trading is not appropriate for the general public” when providing services.
Singapore’s central bank has repeatedly said that cryptocurrency trading is “dangerous and inappropriate for the general public” due to the highly unpredictable nature of the prices of these digital currencies’ core assets. Around 170 companies have shown interest in offering bitcoin services in Singapore. More than 100 were either rejected or withdrew their applications.
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