Singapore Crypto ATMs Shut Down in Compliance with MAS

Singapore Crypto ATMs Shut Down in Compliance with MAS

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Cryptocurrency ATMs

Cryptocurrency ATMs in Singapore are being shut down to comply with the regulations of the country’s central bank, the Monetary Authority of Singapore (MAS). The new laws of the city-state are targeting to considerably reduce the consumer marketing of crypto.

Daenerys and Deodi Shut Down Their Crypto Cash Machines

According to the directions of MAS, crypto ads are banned in public places. The public places include websites, and social media platforms, unless in cases where it is their official website and social media page.

The ATMs are being taken down because of the provision in the law that prohibits businesses from providing actual crypto ATMs. Major crypto operators Daenerys & Co. and Deodi Pte halted operations on Tuesday.

Daenerys & Co. said it was “surprised” by the new regulations as they moved to shut down their five ATMs across Singapore city. Deodi Pte similarly switched its ATM network and dispatched its staff to remove the ATMs across malls. The crypto cash machines have ceased operations in the meantime while awaiting further communication from MAS.

Finbold may have hinted at this ban when it reported that MAS had issued new guidelines to discourage retail speculation. Finbold’s report mentioned that the policies target a variety of assets that are considered volatile. In this latest ban on ATMs, MAS claims the accessibility of the digital asset ATMs may encourage impulse-driven crypto trading without adequate comprehension of the risks.

The U.K. and Spain Also Cracking Down on Crypto Ads

Singapore is not the only state looking to protect its citizens from the volatility of cryptocurrencies. This week, the U.K. proposed stricter laws of the billboards across the London subway.

The market regulator in Spain has similarly asked that campaigns for digital assets include a caution of loss of funds to investors. Spain asked that crypto firms submit ad campaigns ten days in advance for approval before releasing them to ensure compliance.

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