Singapore is a popular destination for crypto and blockchain firms. However, crypto is known to be very risky, with the prices of coins moving up and down as fast as a roller-coaster.
In order to protect us, MAS has restricted the use of crypto ads in the F1 Grand Prix this year.
This is also to prevent more people from running away from their homes and Singapore.
Watch this video to find understand what I mean:
Crypto Ads Are To Be Removed from the F1 Grand Prix
In January 2022, Singapore restricted the advertising of crypto to the general public.
So what is considered advertising?
Simply putting the logo of crypto on the track itself is seen as advertising, hence it is a breach of the rules.
Crypto companies are only allowed to advertise to professional investors. These ads cannot be placed in areas like public transportation, shopping malls, websites, social media, or any third-party platforms that the XMMs or aunties can see.
Since a large population will be expected at the F1 Grand Prix this year, crypto will not be allowed to advertise around the venue. However, they can do so on the cars or drivers’ uniforms.
But why is this such an issue?
How Is the Situation Like in Other Countries?
Crypto firms paid about $100 million to sponsor the new F1 races and another $700 million to rename the F1 arena in Los Angeles, formally known as the Staples Centre.
Yes, they’re fueling the F1 races.
However, we’re not the only country to impose such a ban. Countries like France have also performed advertising restrictions on crypto firms. Some F1 teams removed their crypto sponsors’ logos while others kept them.
With F1 now being a PG13 event, parents can be rest assured to bring their children to the Grand Prix and not worry they will end up losing their hard-earned money.
Oh, wait. The ban is for the adults.
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Featured Image: Jordon Tan / shuttlestock.com
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