Singapore restricts the promotion of services related to cryptocurrency

The Monetary Authority of Singapore has issued a regulation restricting the advertising of services related to digital currencies, as well as prohibiting the placement of crypto ATMs in public places.

The regulator said that crypto companies should notwidely promote their products, since the use and trading of digital assets are associated with high risks. To limit advertising in this area, the central bank has introduced a set of guidelines according to which service providers are not allowed to advertise or offer theirgoods in public places, the media or through other channels with mass reach.

From now on, they can only do this on their own websites, applications or social networks. At the same time, companies should not downplay the risks of investing in cryptocurrencies and tokens.

The country's monetary authority also refersone of the forms of promotion and ATMs working with digital assets, so their placement in public places is also prohibited. According to the regulator, they provide convenient access to cryptocurrencies, which can mislead citizens and encourage them to impulsive trading.

The new rules apply to exchanges, banks and payment service providers, including those who have a license to do so.

This is far from the first Asian country toseeks to curb the high public interest in digital currencies. Last year, India at the legislative level limited their circulation their active circulation, depriving them of the status of a means of payment, and China generally classified all crypto-exchange services as illegal business.

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