Meanwhile, the central bank of Singapore explained that it is not against new innovations.
“MAS strongly encourages the development of blockchain technology and innovative application of crypto tokens in value-adding use cases,” Loo Siew Yee, the central bank’s assistant managing director of policy, payments, and financial crime, said in a statement. “But the trading of cryptocurrencies is highly risky and not suitable for the general public.”
That being said, she explained that service providers should not promote digital assets in a way that “trivializes” their high risk.
Singapore isn’t the first country to impose strict regulations on cryptocurrencies. The United Kingdom has also tightened crypto advertising. The British government blocked what it described as misleading promotions after London witnessed a record number of crypto-related marketing campaigns last year.
In the United States, Government Accountability Office warned that cryptocurrencies could be used for illegal purposes like human and drug trafficking, specifically in crypto ATMs.
