The Monetary Authority of Singapore (MAS) has asked companies in the cryptocurrency sector to limit the advertising of their services to the public. The MAS has issued guidelines wherein service providers are only allowed to advertise their activities on their own websites, apps, or official social media accounts. This requirement applies to businesses including banks and crypto-related payment service providers and exchanges. Singapore is a popular location for cryptocurrency firms, but authorities have repeatedly warned that trading in digital payment tokens (DPT) is highly risky and not suitable for the general public due to sharp speculative swings. Chia Hock Lai, co-founder of the Blockchain Foundation Singapore, also concurs with the view that cryptocurrencies are not suitable assets for the majority of individual investors.
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