Singapore bans cryptocurrency ads due to high investment risks

Spain Spain became the first EU country to restrict cryptocurrency advertising – fines up to €300,000  with possible fines of up to €300,000. Singapore decided to act even more decisively. The Monetary Authority has completely banned the advertising of digital currency in the country.

What is known

The Singaporean authorities believe that digital money is an investment or trading instrument with a high level of risk. Singapore does not prohibit working with virtual assets, but companies, agencies, intermediaries and other players should not advertise services related to digital coins in the state.

So far, the rules apply only to banks and other financial institutions. However, in the near future, the recommendations will apply to everyone whose activities are related to virtual currency. In addition, exchanges that do not have their own stocks of digital coins will be forced to comply with the law.

The Singapore Monetary Authority rules prohibit advertising on public transport, social networks, television, print media, and self-service terminals. In addition, advertising on websites is prohibited, with the exception of the official portals of companies that deal with cryptocurrency. They are also allowed to promote digital assets in their own mobile applications and official social media accounts.

A source: Neowin