Crypto ATMs in Singapore are being closed down as the city-state moves to curb digital asset advertising and public access.
Under new guidance issued this week the Monetary Authority of Singapore will not allow digital asset companies to advertise in public spaces, including by operating ATMs which give the public quick access to crypto trading. Late last night, Daenerys & Co, Singapore’s largest operator of Bitcoin ATMs revealed that it has ceased its activities in order to comply with the new rules, Bloomberg first reported.
In comments to Bloomberg Daenerys said the move to block the public’s access to crypto ATMs came as an “unexpected surprise.”
Another operator, Deodi Pte, also shut down its sole Singapore ATM machine yesterday. In a statement posted to its website, Deodi said: “pursuant to MAS notice, we regret to inform you that we have to shut down our public bitcoin machine with immediate effect from today.”
On Monday, the Markets Authority of Singapore issued new guidelines which warned that “trading of digital payment tokens is highly risky and not suitable for the general public.”
Loo Siew Yee, of Singapore’s markets authority, insisted that the city-state still encourages the development of blockchain technology and crypto tokens. However, to limit public access to the assets the authority has opted to ban ads which portray digital assets “in a manner that trivialises the high risks of trading” or “engage in marketing activities that target the general public.”
Far from being alone in taking a tough stance on crypto marketing the UK and Spain have also taken step to crack down on adverts this week.
On Monday Spain’s markets authority gained powers to sanction companies and social media influencers who promote misleading information about crypto. The UK’s own financial watchdog today published guidelines setting out new rules for promoting high risk investments including digital assets.