An important decision has come from Singapore, which stands out with its crypto-friendly approach, in these days when the regulatory authorities of the countries against crypto money companies are increasing.
Singapore, which previously warned about Metaverse and NFTs, has now issued a directive for advertising activities.
Stating that cryptocurrencies are “extremely risky and unsuitable for the general public,” MAS said in a statement that they are banning crypto companies from marketing their services in public in order to curb retail speculation.
“Digital asset firms should not market their services in public places or in media that appeals to the general public, including newspapers, publications and magazines, or social media platforms.”
With the new directive from MAS, crypto companies will only be allowed to advertise on their own websites, mobile apps or official social media accounts.
MAS also advised crypto companies not to downplay the risks of investing in digital assets in their advertisements.
MAS possesses a broad framework of crypto advertising bans. Because MAS has also made a decision for crypto ATMs. The guidelines also prohibit crypto companies from opening ATMs in public places.
MAS’s advertising directive will apply to all crypto service providers such as banks and exchanges, including licensed crypto companies.
*Not investment advice.