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The Financial Authority of Singapore (MAS) on Monday issued pointers that restrict cryptocurrency buying and selling service suppliers from selling their companies to most people, as a part of a bid to defend retail traders from potential dangers.
Singapore is a well-liked location for cryptocurrency firms attributable to a relatively clear regulatory and working setting and is among the many forerunners globally in creating a proper licensing framework.
However the city-state’s authorities have repeatedly warned that buying and selling in digital fee tokens (DPT), or cryptocurrency, is very dangerous and never appropriate for most people, as they’re topic to sharp speculative swings.
The brand new pointers make clear the expectations of MAS that firms mustn’t have interaction in advertising or promoting of DPT companies in public areas in Singapore or by the engagement of third events, akin to social media influencers, to advertise DPT companies to most people.
They will solely market or promote on their very own company web sites, cellular purposes or official social media accounts.
MAS mentioned it has obtained about 180 purposes for licences to offer DPT companies, of which 5 have been awarded in-principle approvals. Sixty have withdrawn their purposes and three have been rejected. MAS didn’t disclose the standing of the opposite purposes.
“MAS strongly encourages the event of blockchain know-how and revolutionary software of crypto tokens in value-adding use instances,” Lavatory Siew Yee, MAS Assistant Managing Director (Coverage, Funds and Monetary Crime), mentioned in a press release.
“However the buying and selling of cryptocurrencies is very dangerous and never appropriate for most people. DPT service suppliers ought to subsequently not painting the buying and selling of DPTs in a way that trivialises the excessive dangers of buying and selling in DPTs, nor have interaction in advertising actions that focus on most people.”
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