January 20, 2022
On Tuesday, Singapore’s leading operators of crypto ATMs were forced to shut down their cash machines, after the Monetary Authority of Singapore (MAS) outlawed the cash-to-crypto terminals as part of a wider crackdown on advertising cryptocurrency to the public.
Daenerys & Co., which operates five crypto ATMs across the city, said it was “surprised” by the MAS guidelines but ceased its ATM services late on Tuesday. Rival Deodi switched off its ATM network, too, and quickly dispatched staff to remove its ATM machines from malls across Singapore.
The clampdown in Singapore comes quick on the heels of similar advertising restrictions in Spain and the U.K. Spain mandated on Monday that crypto firms must submit ad campaigns for regulatory approval 10 days in advance, while the U.K. launched a review of cryptocurrency advertising practices, promising to crack down on “products with misleading claims.”
But Singapore’s souring on crypto is a bit more surprising. In December, fintech startup Coincub ranked Singapore as the world’s most crypto-friendly economy, owing to the city’s “positive legislative environment, and high rate of cryptocurrency adoption.” But the city state’s legislative environment looks a little less positive now.