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Jan 18, 2022 11:39 UTC
| Update:
Jan 18, 2022 11:43 UTC
The Central Bank of Singapore has issued a reminder to stop the commercialization of cryptocurrencies by the general public. The financial institution stressed that “the commercialization of cryptocurrencies is extremely risky and not suitable for the public.”
Central Bank of Singapore Discourages Public Crypto Transactions
The country’s financial institution, the Monetary Authority of Singapore (MAS), announced on Monday that it issued “Tips to Stop the Commercialization of Cryptocurrencies by” [the] public. “
The guidelines restrict cryptocurrency business service providers from promoting their digital payment token (DPT) services to the public. DPT is often referred to as a cryptocurrency and is handled by MAS.
The central bank explained that businesses should not openly market or advertise crypto services in Singapore, or use third parties such as social media influencers to bring crypto services to the public.
Company will only market or advertise the Crypto Service on its own company website, mobile application or official social media accounts.
Loo Siew Yee, MAS’s assistant decision maker for policy, payments and currency crime, noted that the financial institution “strongly encourages innovative applications of blockchain technology and crypto tokens in value-added use cases.” However, she emphasized:
But the commercialization of cryptocurrencies is extremely risky and not suitable for the general public. Therefore, DPT service providers should not over-characterize DPT transactions in order to downplay the high risks of DPT transactions, nor should they engage in activities that promote general public centricity.
MAS stressed that crypto service providers “should act with the understanding that the commercialization of DPT is not suitable for the public.”
The Singapore-based financial institution has repeatedly warned that the commercialization of cryptocurrencies is “high-risk and not suitable for the general public,” but given that the cost of these coin-area units is subject to wild speculative fluctuations.
About 170 companies have applied to provide crypto services in Singapore. However, a considerable number of 100 of them had their applications rejected or withdrawn.
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