Cryptocurrency ATMs (or ATMs) are being shut down in Singapore after the Monetary Authority of Singapore (or MAS), the city-state’s financial services regulator, announced a crackdown on cryptocurrency-related advertisements, according to with the Bloomberg.
“MAS’s new guidance on ATMs came as an unexpected surprise,” Daenerys & Co., Singapore’s largest crypto ATM operator, told Bloomberg.
Cryptocurrency ATMs make it easy to buy bitcoin (BTC) or other cryptocurrencies, something that worries the regulator.
“Providing face-to-face access to services with DPTs [tokens de pagamento digital] in public areas through the use of ATMs is a way of promoting services with DPTs to the public. Such convenient access can mislead the public into trading DPTs on impulse, without considering the risks of trading DPTs.” newly published guidelines.
Singapore’s stance on cryptocurrencies
ATM shutdowns are just part of a larger crypto crackdown taking place in Singapore.
This week, MAS also reported that crypto companies should stop promoting their products to the public.
The regulator said crypto companies “should not portray trading DPTs in a way that trivializes the high risks of trading and should not promote their DPT services in public areas in Singapore or through any other media outlet aimed at the general public in Singapore.” Singapore”.
This suspension includes ATMs, but it also means that crypto companies operating in Singapore can no longer interact with third parties such as social media influencers or promote their services beyond their own websites, mobile apps or official social media accounts.
This year’s hardline policy follows the 2021 confrontation between MAS and cryptocurrency exchange Binance, which has been looking for a home for its headquarters since its CEO Changpeng Zhao (or CZ) admitted it was necessary to satisfy regulators around it. of the world.
In August, MAS said that Binance was not licensed to operate in Singapore (despite going through the necessary application process).
In September, the regulator placed Binance on its Investor Alert List.
In December, Binance suspended its application to obtain a license.
*Translated and edited by Daniela Pereira do Nascimento with permission from Decrypt.co.