According to the Wall Street Journal, Singapore’s financial regulator Monetary Authority of SingaporeMASF1 organizers were told by ) that Crypto.com advertisements would be banned from the track.
Singapore’s Central Bank, the Monetary Authority of Singapore is also known as the MAS. The MAS has two missions: to promote non-inflationary, sustainable economic growth and to create a sound and progressive financial centre. For its Project Ubin central banking digital currency (CBDC), the MAS leveraged blockchain technology.
F1 is an international racing class that includes single-seat open-wheel formula racing cars. Crypto exchange Crypto.com paid millions to sponsor Formula One.
In the 2022 F1 Division, 80% of teams have at most one crypto sponsor.
From September 30 through October 2, 2022, the seventeenth race will be held at Singapore.
The regulator said that Crypto.com ads could appear on teams and apparel, but was not allowed to market cryptocurrency-related ads on the track directly to the general public, as the on-track brand itself is more directly aimed at Singaporeans.
Crypto.com has become the first cryptocurrency platform that partners with Aston Martin’s F1 team. Hong Kong-based crypto exchange Crypto.com partnered with the company last year ahead of British carmaker Aston Martin’s 2021 F1 car launch.
Crypto.com is a true unicorn in the cryptocurrency market. Founded in 2016, it is the world’s first cryptocurrency company to achieve privacy certification (ISO 27701) and PCI:DSS, Level 1 compliance.
Toto Wolff, principal of Mercedes Racing and a brand that is involved in F1 Racing believes the partnership between Formula 1 (and crypto companies) was inevitable due to the rapid growth in the cryptocurrency market.
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