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Monetary Authority of Singapore Allegedly Closes Crypto ATMs in the Country

Monetary Authority of Singapore Market News
  • Monetary Authority of Singapore forced crypto ATM services to shut done in the country.
  • The MAS aims to enforce its new regulations through this initiative.
  • The news took crypto ATM operators and traders by surprise.

To enforce its new regulation, the Monetary Authority of Singapore (MAS) allegedly decided to close crypto ATM services in the country on Tuesday. 

In addition to this, the regulators aim to strictly regulate how companies promote and hype crypto advertisements mainly in Singapore. Meanwhile,  before the announcement, the Central Bank released a guideline that bans crypto advertising services in public places, websites, and social networks. 

The news brought a mixture of reactions among crypto ATM operators that offer their services in Singapore. Apart from ATM operators, crypto traders’ reactions and interest show that they’re also surprised by the news.

Additionally, Daenerys & Co commented that the news took them by surprise. Many crypto ATM operators including Deodi switched off their services prior to the announcement. Regardless of everything, Singapore has established a good reputation when it comes to crypto-friendly countries.  Now, people keep doubting whether Singapore is gradually becoming unfriendly to crypto these days or not.

On the other hand, the news came a few days after Britain announced its initiative to crack down on the hyped and promotional crypto advertisements in the country. Lastly, there seems to be a huge speculation about countries that plan to ban crypto advertisements nowadays.

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Karikari Daniel is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.