Monday, May 27, 2024

In Singapore, crypto service companies are not allowed to advertise in public locations

Cryptocurrency advertisements have always been a controversial subject. While many feel that crypto firms should be allowed to market themselves just as any other financial service provider, others disagree. According to the anti-crypto ad lobbies, such commercials can lead unaware investors to wrongfully invest their life’s savings in crypto in hope of great returns. It is no secret that the crypto market is extremely volatile and investing their total net worth in crypto would not be a wise thing to do. On the other hand, people who support crypto commercials feel that not allowing them to market themselves is curbing growth and innovation in the crypto space. After the United Kingdom decided to ban selected crypto exchanges from broadcasting or displaying their ads, Singapore has taken the same route.

The Monetary Authority of Singapore (MAS) has classified all crypto firms and exchanges as Digital Token Providers (DPT). According to a new set of regulations imposed by the MAS, DPTs are not allowed to display or air their ads on any public medium. That means they can no longer market their products on social media, television, billboards, flyers, etc.

However, the MAS has allowed these service providers to continue marketing their products and services on their personal websites and mobile apps. How much of an impact this will have on the crypto landscape of Singapore is still unclear. While many believe it will severely restrict the DPTs from growing and expanding, others are not so hopeless. Crypto enthusiasts believe that it might have some negative effects on individual exchanges but none on the global crypto ecosystem.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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