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Local industry associations gave businesses some clarity on Singapore's rules on advertising crypto services at an in-person meeting yesterday, local newspaper The Straits Times reported.
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The Monetary Authority of Singapore (MAS) will disallow marketing and advertising of crypto services to retail consumers in the city-state, the Blockchain Association Singapore (BAS) told members, according to the report. Firms are allowed to advertise to accredited institutional investors if they can demonstrate they are only targeting these groups, BAS said.
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Firms can sponsor events that are held outside Singapore but broadcasted there, and can hold in-person events, so long as they are do not include the retail public. B2B advertising, including press releases and announcements that don't promote trading in crypot, is also allowed.
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There are several outstanding issues, such as how businesses can make sure that their advertising doesn't trivialise the risks of crypto trading, as MAS called for in January. The central bank has also raised the alarm over "training events" that are used to push and sell crypto services to retail customers, according to BAS.
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BAS based its recommendations on a March 30 meeting with MAS, at which the Association of Cryptocurrency and Blockchain Enterprises and Start-ups Singapore (Access) and Singapore FinTech Association (SFA), were also present, according to the report.
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The MAS announced it would be limiting crypto advertising in Singapore back in January.
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The associations did not provide comment by the time of publication.
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Singapore was once seen as a top destination for crypto businesses to set up shop, due to favorable regulation. But it has been outshined by the United Arab Emirates in the last few months, the Financial Times reported, with Binance, FTX, Bybit and Crypto.com setting up shop in the Gulf state.
Read more: Singapore Looks to Curb Crypto Ads