Singapore has banned crypto ATMs as part of a restriction on cryptocurrency advertising
There is a prohibition on cryptocurrency ATMs in Singapore, as authorities take significant efforts to restrict consumer promotion of digital assets. According to Bloomberg, cryptocurrency ATM operators took down the machines after suggestions from the Monetary Authority of Singapore (MAS) to ban the advertisement of digital asset services.
On Monday, Jan. 17, the central bank issued a series of instructions asking cryptocurrency organizations not to market their services to the general public to reduce the danger of speculation. The MAS has released new guidelines to prohibit speculating in a variety of asset sectors that are considered volatility risks. In Singapore, no service provider, organization, agency, or big mediator dealing in the digital sector should advertise digital asset-related services.
Since January 2021, the restrictions apply to entities like banks and other financial institutions. Besides, they will eventually extend to anybody engaged in cryptocurrency-related activities. The new requirements forbid digital money advertising on public transport services, the internet, social media, television, print media, ATMs, and self-service terminal interfaces. Furthermore, Singapore authorities forbid the promotion of cryptocurrencies and thought leaders on social media.
Daenerys & Co, the city-largest state’s ATM operator, shut down all five ATMs. Frequently, cryptocurrency ATMs are located in Singapore’s malls and facilitate the purchase of bitcoin and other assets for fiat money. The equipment will stay shut down until the regulator clarified. Deodi Pte, another local operator, has also suspended its sole cryptocurrency ATMs distribution.
However, cryptocurrency advertising is becoming a pressing concern for authorities throughout the world, especially considering the crypto market’s lack of regulation. Cryptocurrency advertising, according to regulators, frequently try to conceal or fail to disclose the inherent dangers connected with cryptocurrency trading. Aside from Singapore, advertising regulators in the United Kingdom and the Indian Supreme Court have lately taken strong measures against cryptocurrency promotion.
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Valentyna Bereza, Team bit4you.