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Bitcoin ATMs in Singapore Shut Down Following Regulator’s Notice

CryptocurrencyNews
··1 min read

Several bitcoin ATM providers have begun to pull their services from Singapore following a notice from the country’s central bank.

Earlier this week the Monetary Authority of Singapore (MAS) announced new rules whereby digital payment token (DPT) providers operating within the state must not promote their services directly to the public.

The MAS expressly called out crypto ATMs as one of the ways DPT providers would violate the rules. Singapore’s central bank stated that the promotion of digital payment tokens would be prohibited “in public areas in Singapore such as through advertisements on public transport, public transport venues, public websites, social media platforms, broadcast and print media, or provision of physical ATMs“.

Deodi Pte. Ltd. was one of the providers forced to discontinue its bitcoin ATM services. The company stated on its website that it had shut down its public bitcoin machine with “immediate effect” pursuant to the MAS’s notice.

Singapore was not the only country clamping down on crypto promotions this week – both Spain and the UK have also announced new rules.

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