On 17 January 2022, the Monetary Authority of Singapore (“Authority”) issued guidelines on the provision of digital payment token (“DPT”) services to the public (“Guidelines”). The Guidelines set out the restrictions on DPT service providers in promoting DPT services to the general public in Singapore.
Of particular interest is the restriction that DPT service providers are not allowed to promote DPT services in public areas in Singapore or through any other media directed at the general public in Singapore, on the basis that trading of DPTs is highly risky and is not suitable for the general public.
In this legal update, we examine the impact of the Guidelines on the advertising of DPT services and the solicitation of customers by DPT service providers.
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