Singapore’s central bank told service providers on Monday that they should not promote their services in the country, discouraging the public from trading in cryptocurrencies.
Trading cryptocurrencies is “highly risky and not suitable for the general public, as DPT prices” [digital payment tokens] Subject to sharp speculative swings,” the Monetary Authority of Singapore said.
The new guidelines state that cryptocurrency service providers may only advertise or market their services on their corporate websites, mobile apps or social media accounts. They may not advertise through other means including public transport sites, public websites, broadcast and print media.
MAS said that given the risks involved, providers should not portray crypto trading in a way that minimizes those risks.
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