Industry Associations, Regulator Give Some Clarity on Singapore's Crypto Ad Rules: Report

Advertising to retail investors will be disallowed, as Singapore limits crypto trading to professional investors.

AccessTimeIconApr 8, 2022 at 9:59 a.m. UTC
Updated May 11, 2023 at 6:19 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Local industry associations gave businesses some clarity on Singapore's rules on advertising crypto services at an in-person meeting Thursday, local newspaper The Straits Times reported.

  • The Monetary Authority of Singapore (MAS) will disallow marketing and advertising of crypto services to retail consumers in the city-state, the Blockchain Association Singapore (BAS) told members, according to the report. Firms are allowed to advertise to accredited institutional investors if they can demonstrate they are only targeting these groups, BAS said.
  • Firms can sponsor events that are held outside Singapore but broadcasted there, and can hold in-person events, so long as they are do not include the retail public. B2B advertising, including press releases and announcements that don't promote trading in crypto, is also allowed.
  • There are several outstanding issues, such as how businesses can make sure that their advertising doesn't trivialize the risks of crypto trading, as MAS called for in January. The central bank has also raised the alarm over "training events" that are used to push and sell crypto services to retail customers, according to BAS.
  • BAS based its recommendations on a March 30 meeting with MAS, at which the Association of Cryptocurrency and Blockchain Enterprises and Start-ups Singapore (Access) and Singapore FinTech Association (SFA), were also present, according to the report.
  • The MAS announced it would be limiting crypto advertising in Singapore back in January.
  • The associations did not provide comment by the time of publication.
  • Singapore was once seen as a top destination for crypto businesses to set up shop, due to favorable regulation. But it has been outshined by the United Arab Emirates in the last few months, the Financial Times reported, with Binance, FTX, Bybit and Crypto.com setting up shop in the Gulf state.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.