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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Source: Cryptocurrency - investing.com
