The Monetary Authority of Singapore has reportedly decided to shut down cryptocurrency automatic teller machines in the city-state.
According to Bloomberg, to comply with new regulations issued by the Monetary Authority of Singapore (MAS), Singaporeโs central bank, 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 cityโs cryptocurrency operators, with Daenerys & Co saying it was โsurprisedโ and canceling its ATM service on Tuesday evening. 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 theย Singaporean watchdog to regulate advertising cryptocurrency to the public. On Monday, the central bank released new guidance that bans crypto firms from advertising their services in public places, websites and social networks.
Singaporeโs souring on crypto, however, 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 cityโs โgood legislative environmentโ and โhigh rate of cryptocurrency adoption.โ However, the legislative climate in the city-state appears to be cloudier right now.
Related:ย UK advertiser ASA continues crypto ad banning spree
Cointelegraph reached out to the MAS for more information but did not receive a response as of publishing time. This article will be updated if new details emerge.
The clampdown in Singapore came soon after similar advertising limitations were enacted in Spain and the United Kingdom. On Monday, the Spanish government required crypto businesses to submit ad campaigns for regulatory approval 10 days in advance, while the U.K. launched a review of cryptocurrency advertising norms, vowing to crack down on products with deceptive claims.
