Singapore watchdog orders crypto companies, not to promote services in public domain
The Singapore regulation agency passed a new rule for all the crypto services providers to prohibit them from promoting their services publicly.
The Monetary Authority of Singapore (MAS) is a responsible financial regulatory body in Singapore. This agency is responsible for regulating the financial infrastructure and services. MAS is also a central bank but unlike other central banks, MAS is open to adopting blockchain technology and the crypto industry under DPT law.
On 17 January, the MAS agency published a statement regarding the promotion of the digital payment token-based services provider, which includes the digital assets-based services providers like crypto projects, crypto platforms, and even Crypto assets also.
As per the new order of MAS, no one DPT service is allowed to promote their services in the public domain, which includes public transportation, public transportation venues, public websites, social media platforms, broadcast, and print media.
“MAS stresses that DPT service providers should conduct themselves with the understanding that trading of DPTs is not suitable for the general public. These Guidelines set out MAS’ expectation that DPT service providers should not promote their DPT services to the general public in Singapore,” MAS stated officially
This new rule of the MAS agency will also prohibit Singapore crypto/DPT companies from installing Bitcoin ATMs in public areas. However, there will be no restrictions on these services to promote on their private platforms like websites and applications.
Reportedly this decision of MAS agency is a response action against the recent increased crypto-related physical advertisement in Singapore.
UK advertising watchdog on crypto promotion
A few months ago, the watchdog of UK government authorities of advertisement agencies ordered all the advertisement agencies not to promote any kinds of crypto assets or any volatile assets, which promises to give a return on investment or like that.
This action of the UK advertising watchdog came into light because of the advertisement of FLOKI in meme coin at multiple public locations in the UK.
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