Singapore prohibits marketing of crypto trading services to general public

The Monetary Authority of Singapore prohibited cryptocurrency service providers from marketing or advertising digital payment token services to the general public, citing potential risks associated with the trading of digital payment tokens.

Under newly issued guidelines, such companies cannot advertise or market their cryptocurrency services in public areas such as advertisements on public transport, public transport venues and public websites, or through the engagement of third parties such as social media influencers.

The central bank said it has consistently warned that trading cryptocurrencies is highly risky and not suitable for the general public. Marketing by some service providers through online and physical advertisements in public areas could encourage consumers to trade cryptocurrencies on impulse, without fully understanding the attendant risks, the central bank added.

Cryptocurrency service providers include payment institutions, banks and other financial institutions, as well as applicants under the Payment Services Act. They can only market or advertise on their own corporate websites, mobile applications or official social media accounts.