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How to Know if 2022 is the Time to Invest in Singapore’s Blockchain Market

Singapore’s Blockchain Market—Hong Kong has banned promoting any cryptocurrency-related services in the country. This applies to firms that provide these services, such as banks and payment institutions, and will be extended in the future to cover cryptocurrency transfers and wallet services.

As of Monday, the Monetary Authority of Singapore (MAS) announced new guidelines emphasizing how DPT (or cryptocurrency) service providers should refrain from promoting their products to Singaporeans.

To put it another way, this means that these service providers will be unable to advertise or market their products in public places such as on public transportation, websites, social media, broadcast media, or print media (automated teller machines). For example, DPT services should not be advertised by banners or pop-up adverts on social networking networks.

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Third parties, including social media influencers, are prohibited from marketing bitcoin services in Singapore.

According to MAS, marketing and advertising for DPT services can only take place on the company’s website or app and official social media profiles.

For example, purchasing or selling bitcoins, including enabling cryptocurrency exchanges, fall under the standards. It will cover cryptocurrency transfers and the facilitation of DPT exchanges where the service providers do not have money or DPTs when changes to the Payment Services Act occur. The Act’s revisions were approved by parliament in January of this year.

According to MAS in recent update on Singapore’s blockchain market, the Act controls DPTs for the dangers of money laundering, terrorism funding, and “technological risk.”

Digital currency trading is a high-risk endeavor that the general public should not undertake because of DPTs’ “rapid speculation fluctuations,” the regulator stated in a statement.

According to the report, several bitcoin service providers have been aggressively pushing their products via print and online advertisements and through the installation of actual ATMs in public locations. Because of the ease with which ATMs can be accessed, the public may be misled into trading DPTs “on impulse,” MAS said.

According to Loo Siew Yee, its assistant managing director of policy and payments, she said: “As blockchain technology advances and crypto tokens find new applications, MAS will continue to support it. On the other hand, trading cryptocurrencies carries a significant level of risk and is not recommended for the general public. This means that if a DPT service provider is going to sell DPTs, they shouldn’t do so in such a way that trivializes the significant risk of DPT trading.”

In light of the rapid development of the cryptocurrency industry, the Malaysian Securities and Futures Commission (MAS) stated it will keep an eye on the public’s access to DPT services and may make changes “if necessary.”

Several ATMs in Singapore presently allow the purchase and sale of cryptocurrencies, including Bitcoin. Bitcoin Exchange and Daenerys & Co. operate these devices.

Seventy-seven percent of Singaporean individuals have increased their cryptocurrency holdings since an August 2017 survey, and of them, seventy-eight percent own Ethereum in recent update on Singapore’s blockchain market. According to a study performed by cryptocurrency exchange Gemini, financial platform Seedly, and cryptocurrency price tracker CoinMarketCap, 69% of respondents, held Bitcoin, while 40% owned Cardano in recent update on Singapore’s blockchain market.

Singapore’s Blockchain Market: Embracing the Future

FAN EXPO is coming to Singapore in 2022, which means that Blockchain Fest 2022 will undoubtedly become a good tradition in the crypto community. This June, Marina Bay Sands, Singapore’s most wealthy and renowned hotel, will host the crypto community and its most prominent individuals and experts. Attendees may expect a wide range of educational and networking opportunities, as well as a lot more, at this year’s event in Singapore. Blockchain Fest is not a first-time event; it was a huge success in Singapore, Limassol, Cyprus, and Singapore again last year. By bringing in industry experts, encouraging networking, and providing exhibit spaces and informal gatherings.

Several Blockchain series events in Cyprus and Singapore in 2022 are expected to be even better, thanks to the organizing committee’s adherence to the necessary preventive COVID measures to ensure the safety of attendees. Networking and discovering the industry from an insider’s perspective are encouraged at this year’s event, which is free and open to the public.

Singapore is an ideal location for a major cryptocurrency event as a global financial center, with Gemini and Binance already making the city-state their home. Although this is not Finexpo’s first foray into the blockchain world, it’s worth noting that Crypto Expo made history and enthralled the audience in recent update on Singapore’s blockchain market.

In addition to the conference, there will be other networking spaces at the future event zone, which will allow everyone in the venue to learn and connect. Traditional subjects for panel talks and seminars include Blockchain, cryptocurrency exchanges, decentralized finance (DeFi), non-centralized technologies (NFTs), mining, online gaming and gambling, and investment in recent update on Singapore’s blockchain market.

In addition to the gala dinner and networking rooms for VIP and Business ticket holders, the exhibition floor is filled with exhibitors from significant companies, and the event is like no other. By the way, the voting for this year’s Crypto Awards has already begun, and all attendees will have the opportunity to meet a firm or person live at our event before voting for them in the first honest evaluation of crypto projects, companies, and people based on feedback and reviews from real users in recent update on Singapore’s blockchain market.

You may find out more about our exciting forthcoming event on the website. There are various ticket options, including online, standard, business, and VIP, that may be purchased on the website now for a reduced price through the end of February.

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