The Monetary Authority of Singapore (MAS) has issued guidelines to prevent cryptocurrency service providers from promoting their services to the general public.
MAS has previously expressed concern about the high risk involved in trading cryptocurrencies. The authority holds this view particularly because of sharp changes in cryptocurrency prices. However, some cryptocurrency service providers are promoting their services through online and physical advertisements or physical ATMs in public areas. This could encourage the general public to impulsively get involved in cryptocurrency trade, without fully understanding the risks involved.
In its guidelines, MAS has clarified that cryptocurrency service providers are not to advertise their services in Singapore through advertisements (on public transport, public transport venues, public websites, social media platforms, broadcast and print media), provision of physical ATMs, or by engaging third parties such as social media influencers. As such, cryptocurrency service providers can only advertise on their respective business websites, mobile applications or corporate social media accounts.
Source: Monetary Authority of Singapore