Singapore Central Bank Releases Guidelines to Limit Crypto Advertising and Control Crypto Trading

UTC by Ibukun Ogundare · 3 min read
Singapore Central Bank Releases Guidelines to Limit Crypto Advertising and Control Crypto Trading
Photo: Depositphotos

The new guidelines also mentioned that crypto ATMs should not be available to the public.

Singapore’s central bank, the Monetary Authority of Singapore (MAS), has released a set of guidelines that restrict crypto trading firms from advertising their services to the public. The newly issued guidelines are part of the central bank’s effort to protect retail crypto investors from potential risks. Now, crypto firms in Singapore will need to operate in accordance with the new principles. The country is undisputedly one of the popular locations for crypto firms. Several crypto trading companies prefer Singapore because of its relatively clear regulations and favorable operating environment. The nation is also one of the first countries to create a formal licensing framework.

Before now, the government has continually warned against trading digital payment tokens (DPT) or cryptocurrencies. The city-state’s authorities said crypto is risky and not advisable for the public due to its high volatility.

New MAS Guidelines Curb Crypto Advertising in Singapore

In the new guidelines, MAS stated that companies should neither market nor advertise DPT or crypto services in public places across Singapore. The guidelines further limit the crypto firms from advertising crypto through social media influencers or other third-party engagement. That means that the companies can only advertising on their corporate website, mobile apps, or official social media platforms. The central bank clarified:

“Unless stated otherwise, these Guidelines apply to DPT service providers which have been granted a license under the PS Act, banks and all other financial institutions providing DPT services in Singapore, as well as DPT service providers which are currently operating under the transitional exemption.”

In a statement, MAS assistant managing director (policy, payments, and financial crime), Loo Slew Yee, reiterated the risks associated with crypto trading. Therefore, the executive added that DPT service providers should not trivialize the dangers of trading crypto in Singapore. Also, the service providers are not to engage in “marketing activities that target the general public.”

Furthermore, the new guidelines mentioned that crypto ATMs should not be available to the public. According to the central bank, crypto ATMs are a form of public promotion for DPT in Singapore. The bank wrote:

“Such convenient access may mislead the public to trade in DPTs on impulse, without considering the risks of trading in DPTs. DPT service providers should not provide physical ATMs in public areas in Singapore to facilitate public access to their DPT services.”

Binance Withdraws Trading Services from Singapore

In other crypto-related news in Singapore, Binance has stopped new users from accessing its trading app. Since the 13th of December, the trading company has also stopped crypto or fiat deposit within the location. However, existing customers were given the grace to trade crypto until the 12th of January, 2022. said it would have crossed all its accounts in Singapore by the 13th of February.

Cryptocurrency News, News
Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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