Singapore To Restrict Highly Risky Crypto Investment Marketing

Singapore, one of the world’s most progressive financial cities and home to many crypto investment companies, is cracking down on advertisements for digital asset services within its borders.

The Monetary Authority of Singapore, which to summarize: “This new law will effectively ban advertisements related to digital currencies.”  It’s another setback for cryptocurrency suppliers as more countries regulate this sector.

The Financial Authority of Singapore has issued guidelines to crypto investment companies that urge them to cautionary advertising and marketing in public areas and bodily or digital currency trading. The government agency says these practices are dangerous for most people because they can lead others into losing their funds when something goes wrong with your investment strategy – which could happen at any time.

As authorities have already upset several companies with the gradual approvals, these new rules might create an even more competitive environment.

Crypto suppliers should not use social media platforms or other public sites to attract new customers. They can’t advertise on buses, trains, and places where they stop as well – nor through broadcast/print media, for that matter. Offering ATMs with crypto tokens is also discouraged.

Bitcoin Price remains steady after January 24, 2022 recovery | Source: Tradingview.com

Cryptocurrency exchanges should not pay influencers to promote their services. This is because Singaporean law requires all advertising material to indicate who produced it and what they want people to know about the product/service.

Their marketing campaigns will continue through the company’s own websites, social media accounts, or app stores.

“Cryptocurrencies are extremely hazardous and never appropriate for most people,” Yee Siew, Assistant Managing Director of Coverage, Funds & Monetary Crime at MAS, said in a press release on Monday. 

Singapore Government Action To Pause All Types of Marketing

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