Singapore restricts crypto ads-Central Bank says that crypto trading is not suitable for the general public-regulation

The Central Bank of Singapore has published guidelines to keep the general public from trading cryptocurrencies. The central bank emphasized that "the trade in cryptocurrencies is very risky and not suitable for the general public".

The Central Bank of Singapore advises the general public from crypto trade from

The Monetary Authority of Singapore (MAS), the country's central bank, announced on Monday that it published guidelines "to prevent cryptocurrencies [the] general public."

The guidelines restrict providers of cryptocurrency trading services to advertise their services for digital payment stakes (DPT) in public. DPT is generally known as cryptocurrency, the MAS made it clear.

The central bank said that companies should not market or apply for crypto services in Singapore or use third parties such as social media influencers to advertise cryptocurrency services in public.

companies can only market or apply cryptododes on their own corporate websites, mobile applications or official social media accounts.

LOO SIEW YEE, deputy managing director of MAS for politics, payments and financial crime, noted that the central bank "supports the development of blockchain technology and the innovative use of crypto tokens in value-adding applications". However, she emphasized:

But the trade in cryptocurrencies is very risky and not suitable for the general public. DPT service providers should therefore not represent the trade with DPT in a way that downplayed the high risks of trade with DPT and do not participate in marketing activities that are aimed at the general public.

The MAS emphasized that crypto service providers should "act with understanding that trading with DPTs is not suitable for the general public".

The Singapore Central Bank has repeatedly warned that trading in cryptocurrencies is "very risky and not suitable for the general public", since the prices of these coins are subject to strong speculative fluctuations.

around 170 companies have used cryptod services in Singapore. However, more than 100 of them were either rejected or their applications withdrawn.

What do you think that the central bank of Singapore restricts cryptocurrencies to prevent the public from investing in cryptocurrency? Let us know in the comment area below.

Kevin Helms

As a student of Austrian economics, Kevin Bitcoin discovered in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.

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