Singapore cbank releases crypto trading guidelines. Following the publication of an article in Monday’s Financial Times. The Monetary Authority of Singapore (MAS) issued a statement (MAS). Guidelines have been issued that ban bitcoin trading service providers from operating. It prevents them from marketing their products or services to the broader public. Consumer protections for bitcoin trading that are consistent across the board. Are being created as part of a larger effort to protect small. And medium-sized businesses. As a result of the risks associated with bitcoin trading. The development of which is still in its infancy.
This is because Singapore’s legislative and operational structure is relatively uncomplicated. Bitcoin businesses have found the city-state to be an attractive location for their operations. In order to establish the licensing structure for bitcoin businesses, legislation is being considered. The government is now working on establishing a formal licensing mechanism. It became one of the first countries in the world to do so.
Local and state administrations have said on numerous occasions. That dealing in digital payment tokens prohibited (DPT). It is exceedingly hazardous to engage in cryptocurrency trading. And should avoided at all costs. According to city and state officials, the whole public is responsible.
As outlined in the Monetary Authority of Singapore’s new rules. Which clarify the expectations of the organization. Selling or advertising DPT services should avoided by businesses at all costs. The use of public transportation in Singapore, such as bus stops and subway stations.
As previously noted, DPT also prohibited from entering into contracting relationships. DPT services will sold to members of the general public by third-party vendors. (For instance, social media influencers.)
Advertise on their own corporate websites
Marketers and advertisers limited in their ability to promote and advertise their own products. Through the usage of their own company websites. They may communicate with their customers. Mobile applications as well as official social media presence are available.
There were around 180 applications for permits to perform DPT services in total. The Malaysian Anti-Doping Agency has acknowledged receipt of the documents (MAS). There have been five of such applications that have approved. The administration is still in the early phases of their planning.
Among those who withdrew their applications were 156 individuals. Three others were not even consider for the role, but the first two were. The MAS was unable to provide any information on the present state of the investigation. There were a number of other applications that submitted to the agency.
Loo Siew Yee, Assistant Managing Director of the company. Issued a statement (Policy, Payments, and Financial Crime). It was declare by the Singapore Monetary Authority that the agency devoted to its mission. In order to combat financial crime, “encourages the advancement of blockchain technology. To the greatest extent possible.”
“On the other hand, cryptocurrency trading considered to be extremely risky by specialists.” At this time, it is not recommend that the general public tackle this task.
As a result, there should be no misrepresentation of DPT trading in the marketplace. This done in a way that minimizes the considerable hazards connected with it. Furthermore, DPT service providers should refrain from participating. As a result, all marketing operations that directed at the general public prohibited.”