The Monetary Authority of Singapore (MAS), the country’s central bank, issued guidelines to restrict cryptocurrency service providers from marketing or promoting their services to the general public on Monday. 

Fast facts

  • MAS warned businesses to refrain from promoting cryptocurrencies and related services to Singaporeans in public areas, including websites and social media.
  • However, firms are still able to promote crypto services on their own websites, official social media accounts and mobile apps, as long as associated risks are clearly outlined.  
  • MAS stressed that the general public should not be encouraged, and is not suited to engage with cryptocurrencies, which it calls “highly risky.”