Crypto trading should not be promoted to the public under new MAS guidelines - Aliens: AI Crypto News & Markets Updates
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Crypto trading should not be promoted to the public under new MAS guidelines

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The Straits Times

Mon, Jan 17, 2022

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SINGAPORE - The trading of digital payment tokens (DPTs), commonly known as cryptocurrencies, is highly risky and not suitable for the general public, said the Monetary Authority of Singapore (MAS) as it issued a new set of guidelines for DPT service providers on Monday (Jan 17).

MAS said DPT service providers should not engage in marketing or advertising their services in public areas in Singapore such as through advertisements on public transport, public transport venues, public websites, social media platforms, and broadcast and print media, or the provision of physical automated teller machines (ATMs).

MAS has observed that some DPT service providers have been actively promoting their services through online and physical advertisements or through the provision of ATMs in public areas, and this could encourage consumers to trade DPTs on impulse without fully understanding the attendant risks, the regulator said in a statement on Monday.

DPT service providers should therefore not portray the trading of DPTs in a manner that trivialises the high risks of trading in DPTs, nor engage in marketing activities that target the general public." DPT service providers include payment institutions, banks and other financial institutions, as well as applicants under the Payment Services Act (PS Act).

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