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Monetary Authority of Singapore Allegedly Closes Crypto ATMs in the Country -Breaking

by Mike Robinson

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Monetary Authority of Singapore Claims to Close Crypto ATMs within the Country
  • Monetary Authority of Singapore force crypto ATMs to be shut down in the country.
  • Through this initiative, the MAS aims at enforcing its regulations.
  • This news caught crypto ATM and cryptocurrency trader operators by surprise.

According to reports, the Monetary Authority of Singapore decided that crypto ATM services would be closed in order to enforce the new regulation.

Aside from this, regulators will regulate how crypto advertising is promoted and hyped in Singapore. The Central Bank issued a guidance before the announcement that banned crypto-advertising services on public websites and places.

There were mixed reactions from crypto ATM operators in Singapore to the news. 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. Deodi, among others, was the first to turn off their crypto ATM services. However, Singapore is a well-respected country when it comes crypto-friendly. People continue to question whether Singapore has become less friendly to crypto.

The news was also announced a few days ago by Britain, which had announced its intention to ban hyped-up and commercial crypto ads in that country. There seems to be much speculation regarding countries who plan to ban cryptocurrency advertisements.

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