Singapore bans crypto ATMs due to marketing ban. In order to further restrict the marketing of cryptocurrency to consumers. There were several cryptocurrency ATMs, which provided. As a conspicuous reminder of Singaporeans’ growing interest in cryptocurrencies. In an effort to combat the demand for digital tokens, websites have been taken down. To significantly minimize the amount of cryptocurrency marketing directed at consumers.
In a letter to Daenerys & Co., the country’s largest slot machine operator, he expressed his concerns. The Monetary Authority of Singapore has requested that the company cease operations. It is according to the company’s statement. The company has stated that it is willing to collaborate with us on this project. According to the organization, the decision was made public late on Tuesday night. After it had been kept under wraps. When the MAS unveiled its new criteria for ATMs, Daenerys was taken aback by their announcement. This came as a “nice surprise,” according to her. In response to questioning from Bloomberg, Daenerys has issued a written statement, which can found here.
A total of five machines set up in which individuals able to acquire cryptocurrency tokens. Such as Bitcoin and Ether using fiat money. The majority of which positioned in shopping malls throughout the city-state. However, those in control of the bitcoin exchange are a different story. We not enthused about the idea of a quick and simple way for ordinary investors. To get their money into the market. To begin trading bitcoins on the open market. Their ideas, which unveiled on Monday. Notably mentioned automated teller machines (ATMs).
The Singapore Bans Crypto incentives may encourage “impulsive” trading
According to the MAS, such offers may encourage consumers to engage in commercial activity. Because it done impulsively, it was in violation of the law. In accordance with Daenerys’ wishes, ATMs will remain closed. She will remain in this position until further notice while she seeks explanation from the central bank. The shutdown of a single machine announced on the website of another operator, Deodi Pte., which also closed its doors on Tuesday, according to the announcement.
The cryptocurrency market is typically volatile, which makes it a good investment.
Singapore is far from being the only country making measures to protect its citizens from harm. From cheated out of their money through financial investments. Bitcoin had suffered a setback at the time of the letter’s publication. Due to the cryptocurrency’s over 40% decline in value since January. According to Bloomberg, the stock market has fallen significantly. Since reaching its zenith in November.
This week, the United Kingdom suggested stronger restrictions on marketing activities than previously envisaged. The proliferation of advertisements on the London subway system cited as an example. It done in response to a request from the Spanish financial markets authority. Advertisements for digital assets must include a disclaimer. Which alerts investors to the risks involved. That there is a potential that they will lose all of their money.
Meanwhile, the Malaysian Securities Authority (MAS) is finishing up its licensing process. Daenerys is one of more than 100 companies participating in the competition, which is now underway. Under the terms of a grace period, a number of crypto-related services are provided.