As Singapore’s central bank limits consumer advertising of cryptocurrencies, cash-dispensing ATMs, which provide a convenient platform for trading digital tokens, are being taken offline.
As the country’s central bank curbs consumer advertising of cryptocurrencies, cryptocurrency ATMs, which provide a convenient platform for trading in digital tokens, are being phased out in Singapore.
Cryptocurrency ATMs allow users to exchange digital payment tokens (DPT) such as Bitcoin and Ether for fiat money, or government-issued cash. The Monetary Authority of Singapore (MAS) claimed in new guidelines released on Monday that such easy access may mislead the public into trading “on impulse.”
Daenerys & Co, the city’s largest state’s crypto ATM operator in terms of footprint, has pulled down all of its crypto ATMs to comply with the rules, which it claims were unexpected.
Singapore’s move comes on the heels of similar restrictions on advertising in Spain and the United Kingdom. On Monday, Spain mandated that cryptocurrency companies submit ad campaigns for regulatory approval 10 days in advance, while the UK launched a probe into cryptocurrency advertising practices, threatening to crack down on “products with deceptive claims.”
Singapore’s antipathy to bitcoin, on the other hand, is a bit more startling. In December, fintech startup Coincub dubbed Singapore the world’s most crypto-friendly economy, citing the city’s “excellent legislative climate and high rate of bitcoin acceptance.” The legislative environment in the city state, on the other hand, looks to be worsening.