Singapore Bank has issued guidelines to shut down crypto trading.

Representation of Ripple, Bitcoin, Etherum and Litecoin virtual currencies will be displayed on the PC motherboard on February 14, 2018. REUTERS / Dado Ruvic / Illustration // File Photo

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Singapore, January 17, 2010 (FBC) The Singapore Financial Authority (MAS) on Monday issued a directive to protect retail investors from potential risks.

Singapore is a popular destination for crypto companies due to its relatively clear regulatory and operational status and is one of the leading providers of standard licensing frameworks worldwide.

However, city-state officials have repeatedly warned that the use of digital payment tokens (DPT) or cryptovalyutnogo trading is very dangerous and inconvenient for the general public because it is subject to sharp speculation.

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The new guidelines address MAS requirements for companies to engage in DPT services in public places in Singapore or with third parties, such as social media influencers, to promote DPT services to the public.

Advertising or promoting on their own corporate websites, mobile applications or public social media accounts.

MAS says it has received about 180 licenses to provide DTP services, five of which have been approved in principle. Sixty have applied and three have been rejected. MAS did not specify the status of the other applications.

MAS Assistant Managing Director (Policy, Payments and Financial Crimes) “MAS promotes the development of blockchain technology and the use of crypto tokens.

“However, cryptocurrency exchanges are very risky and inconvenient for the general public. Therefore, DPT providers should not trade DPTs in a way that minimizes the high transaction risk within the DPTs or will not engage in targeted public transactions.”

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Reporting by Chen Lynn in Singapore Correction of Arada and Aravinda by Ed Davis

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