Singapore imposes restrictions on crypto advertising

by in Cryptocurrency News

Singapore

As of today, many government agencies in Singapore express their distrust of digital assets, not wanting to use virtual money for any transactions. At the same time, everyone should note that not so long ago, the government of the country reacted quite kindly to the cryptocurrency, even developing a good legal framework to regulate the work of the respective companies.

The other day, the Monetary Authority of Singapore (MAS) emphasized that the risks in the cryptocurrency market are very high and not always justified, therefore, not every investor should work in the field of digital asset trading, but only an experienced and persistent “player”. The Authority has developed guidelines that impose certain restrictions on cryptocurrency-related service providers.

It is worth focusing the attention of readers on the fact that the above restrictions have affected advertising. The agency strongly advises local cryptocurrency companies to limit the promotion of digital assets so as not to mislead inexperienced investors. MAS offers crypto companies to advertise their activities only on personal websites, on social networks only from official accounts, or by creating a special mobile application. In addition, the Monetary Authority does not advise companies to involve famous people to promote their services and products.

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“Our decision should not be regarded as pressure on companies that work with digital assets. We do not oppose the cryptocurrency industry, on the contrary, we are interested in the development of blockchain technology. But you need to realistically assess the risks that are associated with it, especially for inexperienced investors, because virtual money is still very unstable,” said Lu Xue Yi, assistant managing director of MAS.

In this context, it would not be superfluous to add that the Australian Securities and Investments Commission (ASIC) recommends that its citizens who have retirement savings do not rush to invest them in digital assets. If they still decide to purchase digital assets, then it is better to take the advice of a licensed specialist so as not to become another victim of scammers.

Here it is also necessary to recall the opinion on this topic directly from the representative of the authorities - the Minister of Finance of Australia, Jane Hume. The man does not consider investing in cryptocurrency risky. In support of his hypothesis, the politician added that more than 40% of residents own cryptocurrency, and about 50% plan to purchase it this year.