Arabic AR Chinese (Simplified) ZH-CN English EN French FR German DE Japanese JA Portuguese PT Russian RU Spanish ES Turkish TR
Connect with us

Hi, what are you looking for?

Cryptocurrency

Singapore Curbs Crypto Marketing

Singapore has cracked down on crypto marketing in a bid to curb a frenzy of retail trading in risky digital assets. 

In guidelines issued by the Monetary Authority of Singapore on Monday, the regulator said “the public should not be encouraged to engage in the trading of [digital payment tokens (DPT)].”

The body advised that service providers should only market their wares on their own websites, apps or social media, and in doing so should not trivialize the risks of investing in digital assets. 

ATMs which deal in digital currencies will also be banned. “Such convenient access may mislead the public to trade in DPTs on impulse, without considering the risks of trading in DPTs,” the announcement said. 

A range of businesses including banks, payment providers and exchanges will be affected by the new guidelines. 

The move marks the latest attempt to regulate the sector in Singapore, following the introduction of licences for crypto firms. Nikkei Asia reported in December that more than 100 companies out of around 170 that had applied for licenses had either been turned down or withdrawn their applications altogether. 

In September, the regulator also ordered Binance to halt activities, leading to the exchange winding down its Singapore-only trading platform.

Featured

Technology

The company unveiled a new stylish hardware wallet designed by a former Apple engineer at a Paris event today Bitcoin and cryptocurrency hardware wallet...

Bitcoin Mining

According to a Coindesk report, “The industry has found itself in a fight with the local grid operator provider, Ande, and some members of the...

Finance

People in Nigeria, Kenya and Ghana can now receive instant, low-cost remittance payments in local currency through Bitcoin’s Lightning Network. Bitcoin payments app Strike...

Finance

Although the crypto winter of 2022 has disrupted the entire crypto industry, traditional banking giants are showing confidence in the sector. Japanese banking giant...