Singapore Crypto ATMs Close After Pressure From Central Bank
The monetary authority of Singapore has shut down all crypto automatic teller machines (ATMs) in the city-state. The Singapore central bank decision came in response to crypto ATMs’ non-compliance with new regulations.
This new policy on crypto ATMs has lately been flashing heat reactions from the city’s crypto operators. The operators are still in shock after the authorities switch off their ATM networks their machines.
ATM Closure is Part of Broader Crypto Crackdown
According to MAS, this move is part of the huge effort by Singaporean authorities to control the promotion of cryptocurrency to the public. In fact, new guidelines by the central bank will make it even harder for crypto firms to advertise their services in public places including social networks platforms.
According to Coinccub, a fintech company, Singapore’s purge of crypto ATMs is surprising. Singapore has been incredibly crypto-friendly because of the city’s laws and the high rate of crypto adoption in the country.
Widespread Crypto Ad Ban In Other Countries
This move by Singapore comes a few days after a matching advert limit in Spain and the United Kingdom. The Spanish government now requires all crypto businesses to present their marketing materials for approval by the authorities in advance.
Major crypto companies are receiving restrictions on marketing too. These include Kraken, coinbase, eToro, among others, for presenting what authorities call misleading investment materials to the public. According to ASA, UK’s ad standard authority, these marketing materials are a breach of several financial rules in the country.
ASA is also approving the ban of the crypto advert on two mobile apps from the famous crypto.com, which promotes the trade of cryptocurrencies such as BTC, ETH, and other altcoins and yield rewards on the NFTs.
All the adverts by Crypto.com are now off on every platform after the ASA ban. However, the firm disputes the decision by the ASA, stating that their purpose was to help users achieve up to 8.5% p.a through yield buys.
Crypto.com, however, mentions that they have all the intentions to work along with ASA’s guidelines and rules in creating marketing materials for their United Kingdom.
* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.