Singapore's Financial Regulator: Crypto Firms Don't Advertise to the Public

Singapore’s financial regulator has asked businesses in the cryptocurrency industry not to advertise to the public, Bloomberg News website reported on Jan. 17.

This is in line with the city-state’s hopes of curbing retail speculative purchases of volatile digital assets.

According to the report, the Monetary Authority of Singapore said in a statement on the 17th that these service providers can only conduct marketing on their own websites, mobile apps or official social media accounts.

While embracing cryptocurrencies, Singapore is trying to balance the benefits of financial innovation with the risks of retail investors investing in volatile tokens, the report noted.