However, Singapore authorities have consistently warned that trading in cryptocurrencies is high risk and not good for the public as it is highly volatile. The guidelines make it clear that crypto trading firms should not market or advertise their services in the public domain or involve third parties, including social media influencers.
The guidelines state that these firms can only do marketing or advertising on their corporate websites, mobile applications or social media accounts. Singapore is counted among the countries with a liberal attitude in terms of trade. Many global financial companies also have their offices in Singapore. However, efforts are being made to keep the public in Singapore away from this segment due to the risks associated with cryptocurrency trading. Even before this, authorities in Singapore have warned the public about the possibility of harm from cryptocurrencies.
Governments in many countries have tightened their stance regarding cryptocurrency trading. Last year, restrictions on cryptocurrency trading and bitcoin mining were banned in China. There is also a demand for regulating the cryptocurrency segment in the US. Some countries, such as Kosovo, have banned bitcoin mining due to the high consumption of electricity. A law related to cryptocurrency can be brought in India soon. Some organizations like Swadeshi Jagran Manch are also demanding a complete ban on cryptocurrency. The number of people investing in the cryptocurrency segment in India is increasing. On behalf of the government, the Reserve Bank of India has also been asked to make a plan to launch a digital currency.
(This news has not been edited by NDTV team. It has been published directly from Syndicate feed.)<!–
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