Don't target general public for business, MAS tells crypto service providers

CRYPTO service providers should not provide their services to the general public in Singapore, the Monetary Authority of Singapore (MAS) said on Monday (Jan 17), as it launched guidelines to discourage crypto trading by the man on the street.

Under these new guidelines, which are effective immediately, digital payment token (DPT, or more commonly known as cryptocurrency) service providers should not market or advertise DPT services in public areas in Singapore, such as on public transport, public transport venues, public websites, social media platforms, broadcast and print media, or provision of physical automated teller machines (ATMs).

They also should not be marketed through the engagement of third parties like social media influencers.