Crypto ATM machines in Singapore are being taken offline following a crackdown on various crypto-related services. Crypto ATMs have become increasingly popular as they offer a convenient way for people to exchange crypto into fiat and vice versa.
The Monetary Authority of Singapore (MAS) is also limiting the crypto ads published by firms operating in the sector.
Crypto ATMs in Singapore shut down
The MAS released a new set of guidelines earlier this week, noting that these would bar the public from buying cryptocurrencies “on impulse.” As a way to comply with these guidelines, crypto ATM operators in the country have taken their machines offline.
Daenerys & Co is currently the largest crypto ATM operator in Singapore. It has set up multiple ATMs in the city to comply with the set guidelines. The operator stated that “to comply with the sudden announcement, we have ceased to offer buy or sell services via our five ATMs while seeking further clarification from the MAS.”
Deodi Pte, another crypto ATM operator in Singapore, has issued an alert on its website stating that it was shutting down its operations to comply with the MAS guidelines. In its announcement, the MAS stated that the guidelines would apply to both registered firms and those that have applied and waiting for a license from the MAS.
Crypto ads banned in public spaces
In the guidelines, the MAS also stated that crypto-related ads were banned from public spaces. The regulatory body stated that these advertisements were misleading as they failed to address the risks present in crypto trading activities.
Crypto firms operating in Singapore can only advertise their services on their native websites and mobile applications. These firms cannot market their offerings on public transport spaces or any form of broadcast or print media.
“MAS stresses that DPT service providers should conduct themselves with the understanding that trading of DPTs is not suitable for the general public. These Guidelines set out MAS’ expectation that DPT service providers should not promote their DPT services to the general public in Singapore,” the announcement read.
Singapore is not the only country committed to banning crypto-related ads. The UK’s Financial Conduct Authority (FCA) is also looking towards banning crypto ads in public spaces. The regulatory body announced that it would be cracking down on misleading crypto ads that failed to inform the public of the inherent risks associated with crypto trading.
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