In a surprising turn of events, the Monetary Authority of Singapore (MAS) decided to shut down crypto ATMs within the city-state. According to a report by Bloomberg, crypto ATM operators in Singapore had no choice but to close down their operations to comply with the new regulations.
Unsurprisingly, this decision sparked reactions from the crypto operators in the city, including Daenerys & Co., who said that they were caught by surprise by the news. Deodi, its main competitor, has already turned off its ATM network in light of the new regulations. Not only that, but they’ve also tasked their staff to take away their crypto ATMs within the city.
This new move is because the Singaporean watchdog is working hard to regulate crypto-related advertising. The central bank released new guidance last Monday, stating that crypto firms can no longer promote their services in public areas, websites, and social networks.
However, the fact that Singapore no longer approves of crypto came as a surprise. In December, fintech startup Coincub described Singapore as the most crypto-friendly country globally, thanks to its “good legislative environment” and “high rate of cryptocurrency adoption.” However, the legislative climate seems to be souring now.
Singapore’s recent decision to clamp down on crypto advertising came after Spain and the U.K. implemented similar advertising limitations. The Spanish government’s new regulations require crypto-related companies and even influencers to submit their ads for regulatory approval about ten days beforehand. Meanwhile, the U.K. is now cracking down on misleading crypto ads.
