The regulatory authority of Singapore pursues to restrict the crypto operators from advertising the services thereof among the public across the country. In an official press release, the MAS (Monetary Authority of Singapore) issued unique instructions for focusing on putting a stop to retail speculation in the favor of many assets considered as being volatile. As a result, MAS mentioned that the former advertisements channels such as online venues, the physical ATMs (automated teller machines) in public regions would not be utilized anymore.
MAS and crypto ban
The organizations should just advertise on their official accounts over social media, mobile applications, and websites. Notwithstanding the prohibition, MAS revealed to be supportive of blockchain technology’s innovative factor. MAS robustly persuades the advancement in the crypto tokens’ innovative application in the valuable use cases as well as the blockchain technology’s advancement. However, crypto trading is termed to be substantially hazardous and inadequate for the common masses, as stated by Slew Yee (the Assistant Managing Director at MAS).
He added that the providers of DPT service should thus not present the DPT trading as something fascinating for the common public. They even do not get involved in the operations that are focused on the general population. The respective instructions put a thorough effect on the businesses taking account of the exchanges of cryptocurrency, the providers of payment services as well as the banks.
The stringent crypto regulatory agenda of Singapore
During the recent period, MAS has more and more encouraged the blockchain technology’s innovative factors nonetheless has frequently voiced caution for the investors against getting engaged with the trading of cryptocurrencies. For example, it was reported earlier that the MAS’ Managing Director – Ravi Menon – spoke an objection over the crypto’s status for being a substitute for money. He additionally disapproved of the capability of cryptocurrencies to become a store-of-value asserting that they have lackings in several aspects.
As the regulatory environment is getting additionally strict around cryptocurrencies, many of the high-profile players, taking account of Binance, have shown a relatively skeptical behavior in the matter of carrying out their proceedings within the country. During the December of the recent year, the well-known exchange of crypto called Binance pulled back its filing to acquire a certificate for the trading of cryptocurrency as well as made a strategy to put a stop to its activities across the country till the 13th of February.