Singapore crypto ATMs shut down after central bank crackdown

Singapore crypto ATMs shut down after central bank crackdown

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 canceling its ATM service on Tuesday evening. Its main competitor, Deodi, switched off its ATM network and sent staff to remove its crypto ATMs.

The move is part of a broer effort by the Singaporean watchdog to regulate ising cryptocurrency to the public. On Monday, the central bank released new guidance that bans crypto firms from ising their services in public places, websites and social networks.

Singapore’s souring on crypto, however, is more of a surprise. Coincub, a fintech startup 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 option.” However, the legislative climate in the city-state appears to be cloudier right now.

Related: UK iser ASA continues crypto banning spree

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 ising limitations were enacted in Spain and the United Kingdom. On Monday, the Spanish government required crypto businesses to submit campaigns for regulatory approval 10 days in vance, while the U.K. launched a review of cryptocurrency ising norms, vowing to crack down on products with deceptive claims.

ARTICLE: Singapore crypto ATMs shut down after central bank crackdown
PUBLISHED: 2022-01-19 10:19:11 
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