Regulatory Alerts2022-01-17
Added
Guidelines on Provision of Digital Payment Token Services to the Public
The Monetary Authority of Singapore issued these guidelines to prohibit digital payment token service providers from promoting their services to the general public in Singapore. The regulations ban advertisements in public areas, social media, and the use of third-party influencers, while also restricting the placement of physical ATMs to prevent impulsive trading. Additionally, providers must ensure that unregulated payment token derivatives are not marketed as safe alternatives and must be offered through separate legal entities to avoid consumer confusion.