Crypto players get some clarity on ad curbs; industry task force to address outstanding issues

SINGAPORE'S crypto fraternity has smoothened out some "rough edges" with the Monetary Authority of Singapore (MAS) with regard to advertising curbs that were announced earlier this year and are working on a code of practice for self-regulation.

As a rule of thumb, MAS' guidelines will not allow marketing and advertising of digital payment token (DPT) services to retail consumers in Singapore, but ads to accredited and institutional investors are allowed if service providers can demonstrate how they are targeted only at these specific groups of investors, representatives of the Blockchain Association Singapore (BAS) told members on Thursday (Apr 7) in an in-person briefing.

BAS' briefing follows a 2-hour meeting BAS, together with industry peers from the Association of Crypto-Currency and Blockchain Enterprises and Start-ups Singapore (ACCESS) and Singapore FinTech Association (SFA), had with MAS officials on Mar 30 to clarify and provide feedback on the guidelines.