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Singapore clamps down on ads for 'highly risky' crypto trading

Move signals further caution despite platforms' eagerness to tap financial hub

Regulators across jurisdictions are moving to tighten scrutiny of the emerging crypto sector, which is known for operating across borders and away from regulatory oversight (Source photo by Getty Images and Reuters).

SINGAPORE -- Singapore's financial regulator is clamping down on the marketing of cryptocurrency services in the city-state in a further setback for digital asset service providers looking to establish themselves in the Asian financial hub.

The Monetary Authority of Singapore on Monday published a set of guidelines instructing crypto players to stop marketing or advertising their offerings to retail investors in public spaces, both physical and virtual, calling the trading of such assets "highly risky and not suitable for the general public."

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