At Formula One’s Miami Grand Prix in May, the dizzying displays of crypto companies sponsoring the sport were inescapable, with Crypto.com’s blue branding covering every imaginable surface along the race track.
When Singapore hosts the most popular motor sport this weekend, the visibility of digital assets will be far more subdued. The Monetary Authority of Singapore will let teams show their crypto sponsors’ logos only on cars and uniforms at the Singapore Grand Prix, but no advertising will be permitted around the track or in the local area.
The shift underscores the changing mood around crypto, both from a regulatory and a financial standpoint. Jurisdictions in Singapore, the UK and France have intensified scrutiny this year after digital asset prices soured, billion-dollar projects collapsed and major market players went bankrupt. As a result, F1’s newest throng of advertisers are finding ways to make their mark without moving too boldly.
The rout in cryptocurrencies in recent...
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