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Curb cryptos: we want to stop their promotion to the general public in Singapore

Is the future of cryptocurrencies dimmed in Singapore? It would widen the line, but the local monetary authority, the Monetary Authority of Singapore (MAS), wants to curb the momentum and progress of virtual currencies in the country. Its purpose: to protect investors from the general public, many of whom are not yet aware of the potential risks associated with cryptocurrencies. Let’s see how MAS justifies this in more detail.

Limit risks to the still uninformed public

Singapore today enjoys a particularly favorable regulatory and operational environment for companies operating in the growing cryptocurrency sector. The island city-state is one of the pioneers in this field through the allocation of licenses. However, Singapore, through its monetary authority, has repeatedly warned the public of the risks and dangers posed by the crypto market, which is currently subject to huge speculative fluctuations.

Singapour.jpg © Alexandre Boero pour Clubic

The organization points out that virtual currencies increase the risks associated with money laundering, terrorist financing, as well as hacking and other cyber attacks. A few days ago, Kaspersky reported that a new cybercriminal group has targeted many small companies and startups that base their exchanges on cryptocurrencies, neglecting both IT and preventative security.

MAS also wants to educate the general public by saying that there is no real legal protection if someone gets into trouble after diving into the world of virtual currencies.

Cryptocurrency platforms will only be able to promote themselves through their own channels

Worried by the many online or physical advertising campaigns and the appearance of physical ATMs being made available by cryptocurrency service providers, MAS wants to cause an electric shock and uses the opportunity to clarify its expectations. The monetary authority no longer wants crypto platforms to publicly promote their services.
In its guidelines, MAS targets public spaces (public transport, public websites, social networks, audiovisual or print media, vending machines) as well as influencers who are effective transmitters of these crypto platforms in Singapore. Virtual currency exchange services will therefore only be able to promote themselves through their websites, mobile apps and social network accounts.

The Singapore monetary authority also wants platforms to offer crypto token trading services to the public in a way that “does not trivialize the risks of trading virtual currency.” “Cryptocurrency trading is too risky and unsuitable for the general public,” said MAS Executive Vice President Loo Siew Yee.

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