Advertisement
Singapore markets open in 7 hours 13 minutes

  • Straits Times Index

    3,441.77
    -2.41 (-0.07%)
     

  • S&P 500

    5,428.82
    -34.72 (-0.64%)
     

  • Dow

    40,643.04
    +103.11 (+0.25%)
     

  • Nasdaq

    17,137.00
    -233.20 (-1.34%)
     

  • Bitcoin USD

    65,965.14
    -1,029.41 (-1.54%)
     

  • CMC Crypto 200

    1,345.18
    -25.30 (-1.85%)
     

  • FTSE 100

    8,274.41
    -17.94 (-0.22%)
     

  • Gold

    2,453.30
    +27.80 (+1.15%)
     

  • Crude Oil

    75.06
    -0.75 (-0.99%)
     

  • 10-Yr Bond

    4.1450
    -0.0330 (-0.79%)
     

  • Nikkei

    38,525.95
    +57.32 (+0.15%)
     

  • Hang Seng

    17,002.91
    -235.43 (-1.37%)
     

  • FTSE Bursa Malaysia

    1,611.94
    -12.62 (-0.78%)
     

  • Jakarta Composite Index

    7,241.86
    -47.03 (-0.65%)
     

  • PSE Index

    6,606.36
    -42.87 (-0.64%)
     

Fresh Off The Block: Meta expands NFTs to Facebook and more

Khairani Afifi Noordin
·2-min read

Independent Reserve responds to MAS' plans for new measures to reduce consumer harm while Thai SEC announces new crypto ad rules

Meta Platforms is launching its non-fungible token (NFT) support to Facebook, allowing users to post their digital collectibles as well as connect their digital wallet to either Facebook and Instagram to share NFTs across both platforms.

In early August, the company announced the international expansion of its NFT support for Instagram across 100 countries including those in Asia Pacific. Meta’s wallet connections support includes Dapper, Coinbase Wallet, Rainbow, MetaMask and Trust Wallet.

Photo: Meta

In response to the Monetary Authority of Singapore’s announcement that it is mulling new measures to reduce consumer harm, Independent Reserve Singapore managing director Raks Sondhi says imposing an outright ban or restricting information is counterintuitive given that cryptocurrency is borderless.

“Instead, we urge MAS to allow regulated crypto exchanges and industry players the opportunity to develop a safe and trusted platform to provide trustworthy crypto-related information and educational content to improve crypto literacy within the populace. Providing legitimate sources of information can help consumers to safeguard themselves against online falsehoods, one of the key causes in retail customers falling prey to crypto scams and other unsavoury schemes.

“But above all, investors themselves need to pause and confront their risk appetites and their own investment objectives before making a commitment. Investors themselves could also use this crypto winter to take a deeper dive into the asset classes they are planning to invest in,” says Sondhi.

Photo: Independent Reserve Singapore managing director Raks Sondhi. Credit: Albert Chua/The Edge Singapore

Thailand’s Securities and Exchange Commission (SEC) has approved new requirements for crypto advertisements in its efforts to minimise investment risks. The new advertising rules include that crypto advertisements must not be misleading or exaggerated, while advertisers must provide clear warnings that highlight both opportunities and risks.

Effective Sept 1, companies offering crypto services in Thailand have 30 days to comply with the new regulations. Earlier this year, the SEC had banned the use of cryptocurrencies as means of payment for goods and services.

 

See Also: