Crypto players concerned advertising curbs may dent Singapore's crypto hub drive

Kelly Ng

Published Thu, Jan 20, 2022 · 11:25 AM

SOME players in the crypto industry were caught by surprise when the Monetary Authority of Singapore (MAS) issued guidelines against public promotion of digital payment token (DPT) services, noting that this was a departure from the consultative approach the regulator typically takes when it comes to developments in this nascent space.

Several were also concerned that the ban could crimp Singapore's ambitions to be a crypto hub, although most players The Business Times spoke to recognise that the guidelines are consistent with MAS's stance that crypto trading is not suitable for retail investors.

Under these new guidelines, launched with immediate effect on Monday (Jan 17), crypto service providers should not market or advertise DPT services in public areas in Singapore. Such services also should not be marketed through the engagement of third parties like social media influencers. These come after MAS observed some service providers "actively promoting" their …