Crypto advertising can skirt ban via Singapore Grand Prix loophole

THE Singapore Grand Prix is back and fans of the sport may be rejoicing over the familiar sight of gratings going up around the central business district, where Formula 1 (F1) cars will be zipping around in excess of 200 km/h this weekend.

Another sight making a comeback: the marketing of cryptocurrency platforms. Banned from Singapore’s advertising space since January, many of their logos – ByBit, FTX, and Crypto.com, among them – will be on display over this F1 weekend too.

Under the Guidelines on Provision of Digital Token Payment Services to the Public, the Monetary Authority of Singapore (MAS) prohibits cryptocurrency platforms from marketing or advertising their services to the public. The logos on sponsored F1 teams, however, are exempt from these guidelines.