Singapore has shed some light on the ambiguity surrounding the city-state’s ban on crypto adverts.
In January, cryptocurrency ATMs were forced to close down following new guidelines from the Monetary Authority of Singapore (MAS).
MAS had said that cryptocurrency service providers should not advertise in public areas, including broadcast and print media.
It has now been specified that advertising of digital payment token (DPT) services to retail consumers in Singapore are banned, but ads for accredited and institutional investors are allowed.
Service providers must demonstrate how the ads are targeted at this group of investors. Sponsorship of international events not held in Singapore but are still broadcasted in the city-state are also permitted.
DPT service providers are permitted to sponsor, participate and host industry events only if audiences are industry professionals, not the retail public. B2B advertising, corporate announcements and media releases that promote DPTs but not trading are allowed too.
The revelation came following a two-hour meeting between the Blockchain Association Singapore (BAS), from the Association of Cryptocurrency and Blockchain Enterprises, Start-ups Singapore (Access) and Singapore FinTech Association (SFA) and MAS.