Singapore is telling all crypto companies within its borders to cease advertising their products and services to members of the public. This rule also applies to any banks or traditional institutions that offer crypto. They are not allowed to produce any advertisements and they cannot show these ads in public areas like on buses or trains, websites, social media, physical ATMs, or broadcast and print media.
Singapore Looks to Prevent Crypto Companies from Producing Ads
This is certainly an odd maneuver given that Singapore has long been a big crypto haven and has worked hard to ensure that people and crypto businesses are able to operate without any issues. Why then, does it appear to be taking steps to try and hinder this growing industry? A Forrester analyst believes that this is being done because crypto is still relatively new and the country does not want things getting in the way of standard financial tools, products, and services just yet.
The analyst – who presently remains anonymous – has stated that the introduction of crypto and “digital banks” is likely going to shake up Singapore in a lot of ways, and regulators likely are not quite ready for all the changes the space can lead to.
While the country itself is not necessarily anti-crypto, nor does it seem to have any plans to ban the industry and prevent people from getting involved in digital assets, Singapore is all about establishing trust first, and regulators seem to think that exposing people to crypto too much and too fast is going to lead to problems down the line and somehow get in the way of honest operations. The method of limiting ads, the country says, is a great way for people to slowly get used to this new space while also allowing small businesses to be better served in the long run.
This Method Is Taken in Other Countries as Well
Loo Siew Yee – assistant managing director of policy, payments, and financial crime with the Monetary Authority of Singapore (MAS) – stated in an interview:
MAS strongly encourages the development of blockchain technology and innovative application of crypto tokens in value-adding use cases, but the trading of cryptocurrencies is highly risky and not suitable for the public. DPT service providers, therefore, should not portray the trading of DPTs in a manner that trivializes the high risks of trading in DPTs or engage in marketing activities that target the public.
This non-advertisement method is also taking precedence in regions such as the United Kingdom. Not long ago, Live Bitcoin News published a whole article about the great number of ads pertaining to crypto that are appearing all over London buses, subways, and other areas. Regulators in the UK are working hard to see these ads stopped in their tracks given that they promote risky activity and behaviors and that crypto can often be likened to gambling.