On Monday, Singapore's financial regulator ordered cryptocurrency companies not to publicize their services, following the city-state's drive to curb retail speculation by volatile digital assets

On Monday, the Monetary Authority of Singapore (MAS) stated that service providers should advertise only on their own websites, mobile apps or official social media accounts. The guidelines will cover a wide range of businesses, from banks to payment service providers and cryptocurrency exchanges.

"MAS has noticed that some DPT service providers are actively promoting their services through advertising or by installing physical ATMs in public places," the regulator said, referring to what it calls digital payment tokens, its preferred terminology for cryptocurrencies. According to MAS, it could provoke speculation among traders who are not fully aware of risks.

By using cryptocurrency, Singapore is trying to balance the benefits of financial innovation with the risks associated with retail traders investing in tokens that are subject to sharp price fluctuations. Some billboards advertising last year's digital asset exchanges in the city-state have been removed.