Singapore pushed back on crypto marketing in an effort to quell a retail trading rush in dangerous digital assets.
The Monetary Authority of Singapore stated on Monday that “the public should not be encouraged to engage in the trading of digital payment tokens (DPT).”
The organisation recommended service providers to only sell their commodities on their own websites, apps, or social media, and to minimise the risks of investing in digital assets.
ATMs that accept digital money would also be prohibited. According to the notice, “Such easy access may mislead the public into trading in DPTs on impulse, without evaluating the hazards of dealing in DPTs.”
The new standards will have an impact on a wide variety of organisations, including banks, payment providers, and exchanges.
Following the introduction of crypto company licences, this is the latest attempt to regulate the sector in Singapore. According to Nikkei Asia, more than 100 of the approximately 170 firms that applied for licences were either denied or withdrew their applications entirely in December.
In September, the regulator also ordered Binance to suspend operations, causing the exchange to close its Singapore-only trading platform.
