Singapore crypto ATMs shut down after central bank crackdown

According to reports, the Monetary Authority of Singapore decided to shut down all cryptocurrency automated teller makers within the city-state.

Singapores deterioration in crypto is less unexpected. Coincub, a fintech start-up situated in Singapore, declared Singapore the most crypto-friendly country in December. This was because of Singapores “excellent legislative environment” and “high rate for cryptocurrency adoption.”

This belongs to a larger effort by the Singaporean guard dog in order to control cryptocurrency advertising to the general public. The central bank released brand-new guidelines Monday that forbid crypto business from promoting their services on public websites, socials media, and public places.

Bloomberg reports that cryptocurrency ATM operators in the country were forced shut down on Tuesday to comply with new regulations by Singapores main bank, the Monetary Authority of Singapore.

There were many responses from cryptocurrency operators in the city to the new crackdown on ATMs. Daenerys & Co said it was surprised and cancelled its ATM service Tuesday night. Deodi was the primary competitor and it shut down its ATM network. Personnel were sent out to take out its crypto ATMs.

Comparable: UK marketer ASA continues to prohibit crypto ad marketing

Singapores deterioration in crypto is less surprising. Coincub, a fintech startup located in Singapore, declared Singapore the most crypto-friendly country in December. After similar constraints on advertising in Spain and the United Kingdom, the Singapore clampdown came quickly.

Cointelegraph tried to get in touch with the MAS for additional details, but was not able to get a reply as of publication time. This short article will be updated if brand-new information ends up being readily available.

After similar constraints on marketing in Spain and the United Kingdom, the Singapore clampdown came quickly. The Spanish federal government demanded that crypto organizations send their advertisements for approval 10 days before the due date. On the other hand, the U.K. began a review of the cryptocurrency advertising norms and assured to crackdown on misleading claims.
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