Singapore is leading a crackdown on cryptocurrencies by imposing vigorous restrictions on how companies could promote them across the country.
The Monetary Authority of Singapore released guidelines on how service providers should promote their digital assets in public. Among the provisions is the banning of crypto ATMs.
“This could encourage consumers to trade [digital public tokens] on impulse, without fully understanding the attendant risks,” MAS said in a statement.
Running marketing campaigns of digital assets is also illegal in public transport, public websites, social media platforms, broadcast or print media. It is even prohibited to promote digital assets through third parties such as social media influencers, the MAS added.
Following the issuance of the guidlances, Daenerys & Co., the largest operator of the machines in Singapire, stopped five of its ATMs in several malls, according to the company, Bloomberg reported.
Nonetheless, Daenerys told Bloomberg that it will keep the ATMs closed while it seeks clarification from the central bank. The firm is among 100 others that are operating crypto-related services in Singapore.
