The Monetary Authority of Singapore has reportedly decided to shut down cryptocurrency automatic teller machines in the city-state.
According to Bloomberg, to comply with new regulations issued by the Monetary Authority of Singapore (MAS), Singapore’s central bank, cryptocurrency ATM operators in the country were forced to shut down their operations on Tuesday.
The new clampdown on cryptocurrency ATMs sparked several reactions from the city’s cryptocurrency operators, with Daenerys & Co saying it was “surprised” and canceled its ATM service on Tuesday evening. Their main competitor, Deodi, switched off its ATM network and sent staff to remove its crypto ATMs.
The move is part of a broader effort by the Singaporean watchdog to regulate advertising cryptocurrency to the public. On Monday, the central bank released new central bank guidance that bans crypto firms from advertising their services in public places, websites and social networks.
Singapore’s souring on crypto, however, is more of a surprise. Coincub, a fintech start-up based in the city-state, named Singapore the most crypto-friendly country in the world in December, owing to the city’s “good legislative environment” and “high rate of cryptocurrency adoption.” However, the legislative climate in the city-state appears to be cloudier right now.
Cointelegraph reached out to the MAS for more information but did not receive a response as of publishing time. This article will be updated if new details emerge.
The clampdown in Singapore came soon after similar advertising limitations were enacted in Spain and the United Kingdom. On Monday, the Spanish government required crypto businesses to submit ad campaigns for regulatory approval 10 days in advance., while the U.K. launched a review of cryptocurrency advertising norms, vowing to crack down on products with deceptive claims.
Check other news for today and Please stand by..
*********************************
If one of the paying programs on our Monitor appeals to you, please support EmilyNews by registering for it on our website. Thanks very very much!
EN web Support Chat | Hyips and Crypto questions – HyipChatEN
Telegram Chat for Crypto and Hyip reports: @HyipChatEN
*********************************
Be the first to get most important HYIP news everyday!
Simply Follow EN Facebook, EN Telegram, EN Twitter
or Subscribe to EN Feedburner and submit your email address!
If you like this article and want to support EN – please share it by using at least few of social media buttons below. Thanks and See you tomorrow!
