After the Monetary Authority of Singapore (MAS) outlawed cash-to-crypto terminals as part of a broader crackdown on advertising cryptocurrencies to the public, Singapore’s top operators of crypto ATMs were compelled to shut down their cash machines on Tuesday. Singapore’s ban follows similar advertising limits enacted in Spain and the United Kingdom. This came as a shock to the people, as the country is known as one of the most active nations when it comes to cryptocurrencies. Singapore was named the world’s most crypto-friendly economy by fintech firm Coincub in December, citing the city’s “good legislative environment and high rate of cryptocurrency acceptance.” However, the legislative climate in the city-state now appears to be less favorable. Authorities Justify it by Saying People Should Consider the Risks First The Singapore Monetary Authority announced new instructions on the “supply of digital payment token [DPT] services to the public” last Monday, stating that crypto operators “shall not promote their DPT services to the general public.” ATMs, which let people convert cash into Bitcoin, Ether, and other digital currencies, were singled out by the MAS. The central bank warned that the simplicity of cash-to-crypto machines could drive people to acquire Bitcoin and other virtual currencies “on the spur of the moment, without thinking about the risks.” “The public should not be encouraged to engage in the trading of dig...
