Singapore Authority Bans Crypto Advertising In Public Areas, Indonesia How?
JAKARTA – The Monetary Authority of Singapore (MAS) issued a new set of guidelines for digital payment token (DPT) providers, which prohibits them from marketing their services in public areas.
The guidelines, issued on Monday, January 17, also warn the general public about the high risks associated with the crypto market apart from prohibiting DPT companies from advertising their services in public places, such as public transport, public transport venues, public websites, social media, media platforms. and broadcast and print media.
The new set of guidelines will apply to all registered crypto service providers as well as those in transition.
“MAS emphasizes that DPT service providers must act alone with the understanding that DPT trade is not suitable for the general public. These guidelines set out MAS's expectation that DPT service providers should not promote their DPT services to the general public in Singapore," reads an announcement from MAS quoted by Cointelegraph.
A new set of guidelines also prohibits crypto service providers from opening automated teller machines (ATMs) in public places. However, DPT companies can still promote or advertise their services on their native websites or mobile apps.
The MAS decision comes amid the growing popularity of cryptocurrencies along with the increasing number of physical crypto advertisements in the country.
Crypto advertising has become a growing problem for regulators around the world, especially considering there are very limited regulations surrounding the crypto market. Regulators believe that crypto advertisers often try to hide or contain the inherent risks associated with crypto trading while advertising high profits.
Apart from Singapore, the UK's ad watchdog, as well as India's top court, have also cracked down on crypto advertising recently. In Spain, crypto advertising must also be accompanied by the risks that come with investing in this area.
The volatility of cryptocurrencies is very high, leading many governments to worry that crypto advertising could be misleading. Unfortunately in Indonesia, this crypto advertisement has not been limited, and has not even been touched at all by the Indonesian government.