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Singapore Urges Local Crypto Companies to Refrain From Promoting Digital Assets: Report

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The MAS insists on local crypto companies promoting their services only on their websites, official social media accounts, or mobile applications.

The city-state’s central bank – the Monetary Authority of Singapore – reportedly issued guidelines that limit crypto trading service providers from promoting such assets. The financial institution believes dealing with digital assets is highly risky and unsuitable for every investor.

Those features have attracted a considerable chunk of the locals, who started delving into the industry in recent months. In fact, a surveyDespite all of this, the Monetary Authority of Singapore However, trading bitcoin and altcoins could pose risks to inexperienced investors as the asset class is still highly volatile, Yee concluded:

In case locals decide to allocate their retirement savings to cryptocurrencies, they should seek assistance from a licensed financial advisor, the agency recommended:

 

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