Singapore crypto ATMs shut down after central bank crackdown

The Monetary Authority of Singapore has reportedly decided to unopen down cryptocurrency automatic teller machines successful the city-state.

According to Bloomberg, to comply with caller regulations issued by the Monetary Authority of Singapore (MAS), Singapore's cardinal bank, cryptocurrency ATM operators successful the state were forced to unopen down their operations connected Tuesday.

The caller clampdown connected cryptocurrency ATMs sparked respective reactions from the city's cryptocurrency operators, with Daenerys & Co saying it was "surprised" and canceled its ATM work connected Tuesday evening. Their main competitor, Deodi, switched disconnected its ATM web and sent unit to region its crypto ATMs.

The determination is portion of a broader effort by the Singaporean watchdog to modulate advertizing cryptocurrency to the public. On Monday, the cardinal slope released caller cardinal slope guidance that bans crypto firms from advertising their services successful nationalist places, websites and societal networks.

Singapore's souring connected crypto, however, is much of a surprise. Coincub, a fintech start-up based successful the city-state, named Singapore the astir crypto-friendly state successful the satellite successful December, owing to the city's "good legislative environment" and "high complaint of cryptocurrency adoption." However, the legislative clime successful the city-state appears to beryllium cloudier close now.

Related: UK advertiser ASA continues crypto advertisement banning spree

Cointelegraph reached retired to the MAS for much accusation but did not person a effect arsenic of publishing time. This nonfiction volition beryllium updated if caller details emerge.

The clampdown successful Singapore came soon aft akin advertizing limitations were enacted successful Spain and the United Kingdom. On Monday, the Spanish authorities required crypto businesses to taxable advertisement campaigns for regulatory support 10 days successful advance., portion the U.K. launched a reappraisal of cryptocurrency advertizing norms, vowing to ace down connected products with deceptive claims.