The Monetary Authority of Singapore (MAS), Singapore’s central bank, has decided to shut down cryptocurrency automatic teller machines in the city-state.
It has been reported that cryptocurrency ATM operators in the country were forced to shut down their operations on Tuesday. The new clampdown on cryptocurrency ATMs sparked several reactions from the city’s cryptocurrency operators, with Daenerys & Co saying it was “surprised” and canceling its ATM service on Tuesday evening.
However, its main competitor, Deodi, switched off its ATM network and sent staff to remove its crypto ATMs. The move is part of a broader effort by the Singaporean watchdog to regulate advertising cryptocurrency to the public. One week ago, the central bank released new guidance that bans crypto firms from advertising their services in public places, websites, and social networks.
The report said that Singapore’s souring on crypto is more of a surprise. Coincub, a fintech startup based in the city-state, named Singapore the most crypto-friendly country in the world in December, owing to the city’s “good legislative environment” and “high rate of cryptocurrency adoption.” The legislative climate in the city-state appears to be cloudier right now.
Thus, the clampdown in Singapore came soon after similar advertising limitations were enacted in Spain and the United Kingdom. Last week, the Spanish government required crypto businesses to submit ad campaigns for regulatory approval 10 days in advance, while the UK launched a review of cryptocurrency advertising norms, vowing to crack down on products with deceptive claims.