Singapore Authorities Seeks To Ban Public Advertising Related To Cryptocurrency

The Monetary Authority of Singapore (MAS) has issued new guidance aimed at stopping retail speculation in various assets that are known to be volatile. The regulator said that previous advertising channels such as online platforms, physical advertising and crypto ATMs in public places will no longer be used.

Crypto companies should only advertise on their websites, mobile apps, or official social media accounts. The MAS guidance affects companies, including banks, payment service providers and crypto exchanges. Despite the ban, MAS said it still supports the innovative aspect of blockchain technology.

In recent months, MAS has increasingly supported the innovative aspects of blockchain technology, but has consistently warned investors against getting involved in cryptocurrency trading. MAS Managing Director Ravi MENON questioned the status of cryptocurrencies as money. He also criticized the ability of cryptocurrencies to act as a store of value, stating that they have failed in many ways.

Image: Central Banking