Singapore to crypto services providers: Don't advertise to general public

Singapore's monetary regulator tells cryptocurrency service providers not to promote their digital payment token (DPT), i.e., cryptocurrency, services to the general public in the city-state. The Monetary Authority of Singapore issued marketing and advertising guidelines for DPT services including the buying and selling as well as facilitating the exchange of crypto. "The definition of DPT services will be expanded to include the transfer of DPTs, provision of custodian wallet services for DPTs, and facilitating the exchange of DPTs without possession of moneys or DPTs by the DPT service provider," the MAS said in a statement. "MAS has consistently warned that trading DPTs is highly risky and not suitable for the general public, as the prices of DPTs are subject to sharp speculative swings," the authority said. The authority, though, acknowledges the benefits that blockchain technology can provide, saying it encourages the development of blockchain technology and innovative application of crypto