MAS issues guidelines to discourage crypto currency trading by general public

January 2022

The MAS has issued guidelines (Guidelines on Provision of Digital Payment Token Services to the Public [PS-G02]) indicating their expectation that Digital Payment Token (DPT) (more commonly known as cryptocurrency) service providers should not promote their crypto currency services to the general public in Singapore.

DPT service providers encompass payment institutions, banks and other financial institutions and applicants under the Payment Services Act. DPT services encompass the buying or selling of DPTs or facilitating the exchange of DPTs.

MAS will expand the definition of DPT services to include the transfer of DPTs, provision of custodian wallet services for DPTs, and facilitating the exchange of DPTs without possession of moneys or DPTs by the DPT service provider, when the amendments to the Payment Services Act take effect

 The guidelines set MAS’ expectation that DPT service providers should not engage in marketing or advertising of DPT services:

(a)    in public areas in Singapore such as through advertisements on public transport, public transport venues, public websites, social media platforms, broadcast and print media, or provision of physical ATMs

(b)    through the engagement of third parties, such as social media influencers, to promote DPT services to the general public in Singapore.

DPT service providers can only market or advertise on their own corporate websites, mobile applications or official social media accounts.