The Monetary Authority of Singapore (the Central Bank of Singapore) has issued new rules under which traders with cryptocurrencies could offer their services to the general public under stricter conditions.
The Singapore Central Bank’s goal is to protect the public more from the risks of cryptocurrency trading. Singapore’s monetary authority is responding to the fact that this city-state is very attractive to the cryptocurrency market. Also because of the relatively mild regulation and friendly environment for cryptocurrency traders.
However, they will no longer be able to advertise their services in public spaces, marketing restrictions will also apply to the social network environment. Cryptocurrency trading will not be able to promote, for example, even internet influencers.
However, traders will be able to offer their services through their own website or official social media accounts. It is simply a matter of making it clear to Internet users at first glance that they are dealing with a cryptocurrency trader.
Singapore’s central bank is promoting blockchain technology as well as digital innovation in the financial world. He just wants to draw attention to the riskiness of cryptocurrencies.