At an in-person meeting yesterday, local industry organisations clarified Singapore’s restrictions on advertising crypto services, according to local publication The Straits Times.
According to the article, the Monetary Authority of Singapore (MAS) has advised members that marketing and advertising of crypto services to retail consumers in the city-state will be prohibited.
According to BAS, firms are authorized to advertise to certified institutional investors if they can show they are only targeting these groups.
Firms can sponsor events that take place outside of Singapore but are aired there, as well as host in-person events that are not open to the general public.
B2B advertising is also permitted, including press releases and announcements that do not promote cryptocurrency trading.
There are still a few difficulties to be resolved, including as how businesses can ensure that their advertising does not trivialize the hazards of crypto trading, as the MAS demanded in January.
According to BAS, the central bank has also expressed concern over “training events” that are used to pitch and sell crypto services to retail clients.
According to the paper, BAS based its recommendations on a March 30 meeting with MAS, which also included the Association of Cryptocurrency and Blockchain Enterprises and Start-ups Singapore (Access) and Singapore FinTech Association (SFA).
In January, the MAS announced that crypto advertising will be restricted in Singapore.
By the time this article was published, the associations had not responded.
Because of its favorable regulatory environment, Singapore was formerly considered a top location for crypto firms to set up shop.
The United Arab Emirates, however, has recently outshined it, according to the Financial Times, with Binance, FTX, Bybit, and Crypto.com establishing operations in the Gulf state.