Singapore curbs crypto marketing in digital asset crackdown

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Sin­ga­pore has cracked down on cryp­to mar­ket­ing in a bid to curb a fren­zy of retail trad­ing in risky dig­i­tal assets. 

In guide­lines issued by the Mon­e­tary Author­i­ty of Sin­ga­pore on Mon­day, the reg­u­la­tor said “the pub­lic should not be encour­aged to engage in the trad­ing of [dig­i­tal pay­ment tokens (DPT)].”

The body advised that ser­vice providers should only mar­ket their wares on their own web­sites, apps or social media, and in doing so should not triv­i­al­ize the risks of invest­ing in dig­i­tal assets. 

ATMs which deal in dig­i­tal cur­ren­cies will also be banned. “Such con­ve­nient access may mis­lead the pub­lic to trade in DPTs on impulse, with­out con­sid­er­ing the risks of trad­ing in DPTs,” the announce­ment said. 

A range of busi­ness­es includ­ing banks, pay­ment providers and exchanges will be affect­ed by the new guidelines. 

The move marks the lat­est attempt to reg­u­late the sec­tor in Sin­ga­pore, fol­low­ing the intro­duc­tion of licences for cryp­to firms. Nikkei Asia report­ed in Decem­ber that more than 100 com­pa­nies out of around 170 that had applied for licens­es had either been turned down or with­drawn their appli­ca­tions altogether. 

In Sep­tem­ber, the reg­u­la­tor also ordered Binance to halt activ­i­ties, lead­ing to the exchange wind­ing down its Sin­ga­pore-only trad­ing platform.

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