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Cryptoknowmics 2022-10-01 11:03:18

Crypto’s Hold On Formula 1 Sponsoring Gets Tested In Singapore

The eye-popping displays of cryptocurrency companies sponsoring the sport were unavoidable at the Formula 1 Miami Grand Prix in May, with Crypto.com’s blue logo covering every surface along the racing track. Singapore will host the world’s most famous motorsport this weekend, and digital assets will have much less prominence. Singapore Grand Prix Allowing Crypto Logo At the Singapore Grand Prix, the Monetary Authority of Singapore (MAS) would only allow teams to display the logos of their cryptocurrency sponsors on their vehicles and uniforms. However, no advertising would be allowed near the track or neighborhood. From a regulatory and economic standpoint, the change emphasizes the shifting attitude. As the value of digital assets declined, multibillion-dollar projects fell through, and key market participants filed for bankruptcy, there was more investigation in Singapore, the UK, and France. Advertisers are figuring out innovative ways to stand noticed without going overboard. Because of the recent decline in the value of cryptocurrencies, brands now have less money to spend, but they still want to stay competitive. The current market conditions may cause them to be a little more cautious about their contracts, according to Jeremy Walls, a senior executive with the Miami venue who assisted in finalizing the arrangement with Crypto.com. Working with a Formula 1 team has become a sign of status for cryptocurrency companies. F...

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