Singapore suspends cryptocurrency ATMs amid broader crypto crackdown

Singapore has announced the closure of cryptocurrency ATMs as part of their crackdown on cryptocurrency adverts. 

Daenerys & Co., Singapore’s largest operator of the machines, said  “MAS’s new guidelines regarding ATMs were an unexpected surprise,” following the request from the Monetary Authority of Singapore that they suspend operations.

The government of Singapore has tightened up their regulation of cryptocurrencies this year, urging their citizens to participate in cryptocurrency and the metaverse “responsibly”. This has resulted in the government approving fewer licenses to crypto companies, and providing new guidelines for crypto ATM machines. 

Singapore’s Monetary Authority has requested the changes as part of their mission to regulate the advertising of cryptocurrency, according to Bloomberg, and follows the government’s position on cryptocurrency. On Monday the central bank announced a ban on cryptocurrency firms advertising in public spaces and online, which comes as a surprise given Singapore’s crypto-friendly stance. Joseph Teo, the Minister for Communications and Information recently spoke on the role the government will be taking with regards to digital currency and the metaverse: 

“Similar to the physical world, the government will seek to balance between promoting economic vitality, preserving social stability, and protecting public security in the digital domain” she added that individuals and companies would be encouraged to “play their part by participating responsibly in the metaverse.”

Despite the high rate of cryptocurrency adoption in Singapore, and historically crypto-friendly legislation, Binance recently pulled its services from Singapore, in an attempt to remain compliant with the latest legislation.

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