According to reports, the Monetary Authority of Singapore decided to close down all cryptocurrency automated teller machines within the city-state.
Bloomberg reports that cryptocurrency ATM operators in the country were forced shut down on Tuesday to comply with new regulations by Singapore’s central bank, the Monetary Authority of Singapore.
There were many reactions from cryptocurrency operators in the city to the new crackdown on ATMs. Daenerys & Co said it was surprised and cancelled its ATM service Tuesday evening. Deodi was the main competitor and it shut down its ATM network. Staff were sent to take out its crypto ATMs.
This is part of a larger effort by the Singaporean watchdog in order to regulate cryptocurrency advertising to the public. The central bank issued new guidelines Monday that prohibit crypto companies from advertising their services on public websites, social networks, and public places.
However, Singapore’s deterioration in crypto is less surprising. Coincub, a fintech startup located in Singapore, named Singapore the best crypto-friendly country in December due to its “good legislative environment and high rate of cryptocurrency adoption.”
Similar: UK advertiser ASA continues to ban crypto ad advertising
Cointelegraph attempted to contact the MAS for additional information, but was not able to get a reply as of publication time. If new information becomes available, this article will be updated.
After similar restrictions on advertising in Spain and the United Kingdom, the Singapore clampdown came quickly. The Spanish government demanded that crypto businesses submit their ads for approval 10 days before the deadline. Meanwhile, the U.K. began a review of the cryptocurrency advertising norms and promised to crackdown on deceptive claims.