In a recent shocking move, the Monetary Authority of Singapore has decided to close all cryptocurrency ATMs in the country. The move from the authorities came as a shock to Singaporean investors and the public. In recent times, Singapore has amped up regulatory measures to control cryptocurrency transactions in the country. ATM companies were also shocked at the development and quickly ordered the cancellation of their services. Both Daenerys & Co and Deodi had to comply with the measures and swiftly aborted all their crypto ATM units. These two companies led the Singaporean cryptocurrency ATM market and were chief rivals of each other. All crypto ATMs in the city had to abort all operations and both companies sent their staff to remove the physical ATM units. The global crypto community is evidently shocked to see such a sudden move from the Government of Singapore.
The Monetary Authority of Singapore took this step to further its policy of prohibiting all cryptocurrency advertisements from public spaces. In a recent mandate, the Monetary Authority of Singapore introduced a new set of checks and measures for crypto ads. Now all crypto ads on public spaces are banned and crypto exchanges can only promote their services through in-app advertisement or native websites.
What is more surprising to the global crypto community is the sudden change in regulatory measures taken by the authorities in Singapore. These new rules and regulations are making it increasingly difficult for crypto entrepreneurs to continue operations in the country. The ulterior motive behind these steps is still unclear.