Bitcoin ATMs Shut Down In Singapore After MAS Curbs Crypto Advertising

Financial utility regulator – Monetary Authorityguidelinesof as it turns out Singapore has issued fresh to limit crypto tradingIt’s worth noting that by the public.It has also taken a firm stance and asked cryptocurrency companies to eschew advertising or showcasing their products to the general public. MAS substantiated their decisionstatingby reasons which were purely uncertainty-oriented.

The guideline stated and clarified that Digital Payment Token system providers “should not portray the trading of DPTs cryptocurrencies in a manner that trivializes the from another perspective high risks of trading in DPTs, and should not promote their DPT services in public areas in Singapore or through any other media directed at the general public in Singapore”.

Indeed, “Highly Risky And Not Suitable For The General Public”

The Central Bank affirmed that such services are “highly risky and not suitable for the general public”. It implied that the broadcasting of cryptocurrency through traditional media such as newspapers to magazines must also cease and exist.

Indeed, On Tuesday, MAS declared that it would be outlawing crypto-to-cash terminals, thus, sealing all crypto ATMs in Singapore. Daenerys & Co,  which is one acted the biggest crypto ATM operators with five crypto ATMs spread across the city had of in accordance with the guidelines. Another rival ATM operator, Deodi alsoceasedcomplied with the Central Bank’s order and its only ATM.

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This recent regulatory clamp from the MAS cropped up amidst the growing popularity of the blockchain industry with recent investors joining the ecosystem each day. AlthoughthatMAS quoted “MAS strongly encourages the development of blockchain technology and innovative application of crypto tokens in value-adding use cases.”; the cryptocurrency market in Singapore continues to reel under a significant number of regulatory milestones.

Recently, Coincub, a fintech launch, up in one of their rankings-called Singapore the world’s most friendly cryptocurrency economy. In fact, Singapore in the past had been quite liberal in terms of cryptocurrency adoptionIn fact, Currently, the reality looks quite different, so to say. It’s worth with that noting an undemanding and positive legislative environment.

Bitcoin's growth is concerning regulators | Source: BTCUSD on TradingView.com

MAS Believes Bitcoin ATMs Let People Trade “On Impulse”

MAS believes that ATMs facilitated a seamlesssuchand convenient transaction of cryptocurrencies as Bitcoin and Ethereum. This could cause people to trade “on impulse”. This notion caused regulators to mandate the clampdown of ATMs all across the city.

In regards to crypto regulations, Singapore isn’t the only name on the list. In December 2021, Britain outlawed advertisements from seven such crypto in modern times firms as they were  “irresponsibly taking advantage of consumers’ inexperience and for failing to illustrate the risk of the investment”.

Interestingly, as it turns out had also led a crackdownSpainon cryptocurrency promotions recently. Indeed, Singapore’s regulatory escalation comes after Bitcoin’s prices nosedived almost 40% after BTC soared to novel heights in November 2021.

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Cryptocurrency is not only a volatile asset but has also enabled a wide spectrum of fraud associated with digital assets. In recent times, cryptocurrency has facilitated currency laundering and terrorism funding among other illegal activities.

“Digital payment token service providers in Singapore have to comply with requirements to mitigate such risks, including the need to carry out proper customer due diligence, conduct regular account reviews, and monitor and report suspicious transactions,” stated spokesperson MAS.

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