MAS (The Monetary Authority of Singapore) released a guideline that set rules for those offering crypto trading services, from advertising their services publicly. The new rules aim to protect investors from possible risks.
According to the regulator, the public shouldn't be provoked to trade digital payment tokens (DPTs), otherwise called cryptocurrencies. MAS has previously warned that crypto trading is risky. The guideline disallows placing ads in places such as transport, broadcast media and press, third party websites, social media networks, roadshows, etc.
Providers of crypto services may promote them only on their own websites, phone apps, or official social media accounts.Also, the ads must inform about the risks of trading cryptos without making the impacts seem less, MAS wrote.
Among other services, the regulator limits access to crypto ATMs. MAS says machines can serve to promote crypto services publicly. Being accessible and convenient, the machines may encourage people to trade impulsively, without taking into account the risks. Therefore, ATMs must not be placed in Singapore’s public areas, the regulator says.