The guidelines state that digital payment token service providers can only advertise on their own corporate websites, mobile apps or official social media accounts.
MAS strongly encourages the development of a new application of the criptocurrency in value-adding use cases. The central bank's assistant managing director for policy, payments and financial crime Loo Siew Yee said that the trading of cryptocurrencies is highly risky and not suitable for the general public.
DPT service providers should not portray the trading of DPTs in a manner that trivialises the high risks of trading in DPTs, nor engage in marketing activities that target the general public. There are some examples of digital payment tokens, likeBitcoin. A platform to allow people to exchange digital payment token in Singapore is provided by a digital payment token service.
The central bank said in a press release that the transfer of digital payment token and provision of custodian wallet services for such tokens will be expanded to include the transfer of digital payment token and provision of custodian wallet services for such tokens when the amendments to the Payment Services Act take effect.
Payment institutions, banks, and other financial institutions are included in the digital payment token service providers, as well as applicants under the Payment Services Act.
Singapore's regulations are geared primarily towards protection against money laundering and terrorism financing.