Service Of Crypto Companies Will Be Restricted In Singapore

The service of crypto companies will be restricted in Singapore. Cryptocurrency transactions continue to be restricted in many countries.

The Monetary Authority of Singapore (MAS) has issued a number of guidelines restricting crypto companies from promoting their services to the public. MAS has told companies in the cryptocurrency industry that they should avoid promoting their services to the public. Many companies, from banks to payment service providers, will be included in this application. The Monetary Authority of Singapore (MAS) announced on its website on January 17 that crypto-related service providers should not promote their services in the country. The Monetary Authority of Singapore said in a statement that crypto companies should only market their activities on their own websites and mobile apps. The Monetary Authority of Singapore used the following statements on the subject: “MAS has observed that some DPT service providers are actively promoting their services through online and physical advertisements or the provision of physical automated teller machines in public areas. This may fuel speculation among those who do not fully grasp the risks.” In addition, the Monetary Authority of Singapore (MAS) added that trading cryptocurrencies involves high risk and is not suitable for the general public.