In compliance with the guidelines laid down by Singapore’s Monetary Authority on crypto adverts, Bitcoin ATMs in the state have stopped working and Bitcoin ATM operators are following the rules to the latter.
According to Bloomberg, bitcoin ATM operators in Singapore were compelled to shut down their operations on Tuesday to comply with new restrictions imposed by the Monetary Authority of Singapore (MAS), the country’s central bank.
The city’s cryptocurrency operators have reacted to the new ban on cryptocurrency ATMs, with Daenerys & Co expressing surprise and discontinuing its ATM operation on Tuesday evening. Deodi, its primary competitor, shut down its ATM network and dispatched employees to remove its cryptocurrency ATMs.
The action is part of a larger push by Singapore’s watchdog to restrict cryptocurrency advertising to the general public.
The central bank issued fresh instructions on Monday prohibiting crypto companies from advertising their services in public places, on websites, or on social media.
Singapore’s anti-crypto stance, on the other hand, comes as a shock. Singapore was dubbed the most crypto-friendly country in the world by Coincub, a fintech firm located in the city-state, in December, thanks to the city’s “excellent legislative climate” and “high rate of cryptocurrency acceptance.” The legislative atmosphere in the city-state, on the other hand, appears to be murkier right now.
Crypto adverts restriction
Similar advertising restrictions were established in Spain and the United Kingdom shortly before the Singaporean crackdown.
The Spanish government announced on Monday that crypto enterprises must submit ad campaigns for regulatory permission 10 days ahead of time, while the United Kingdom initiated a review of cryptocurrency advertising standards, threatening to tighten down on items that make false claims.
