Cryptocurrency ATM operators have shut down devices following the Monetary Authority of Singapore (MAS) recommendation to limit digital asset service advertising, reports Bloomberg.
On Monday, January 17, the central bank published a set of rules that called on crypto companies not to promote their services to the general public in order to avoid the risk of speculation.
According to the document, providers of services related to digital assets should not advertise them in public places. Separately, MAS noted bitcoin ATMs, which, according to the regulator, contribute to impulsive purchases of cryptocurrencies.
Daenerys & Co, the city-state’s largest operator of such devices, shut down all five pieces of equipment. It is installed mainly in shopping centers throughout Singapore and allows you to purchase bitcoin and some other assets for fiat money.
“MAS’s new recommendations for ATMs came as a complete surprise,” the company said in a statement.
Equipment will remain offline until clarified by the regulator, the firm added.
Suspended the work of his only bitcoin-ATM and another local operator – Deodi Pte.
Singapore is not the only jurisdiction that has tightened rules for promoting crypto services to the general public. On January 17, the National Commission for the Stock Market of Spain published new requirements for advertising related to cryptocurrencies. The agency required to include in ads a disclaimer about the unregulated status of assets and the risk of losing funds.
The UK Financial Conduct Authority has submitted a draft regulation for advertising certain cryptocurrencies. The document suggests a ban on campaigns without an assessment by providers of financial knowledge and user experience.
Previously, the UK Advertising Standards Authority (ASA) launched an investigation into a marketing campaign for the Floki Inu meme token that used public transport.
The ASA also banned advertisements for seven cryptocurrency-related promotions, deeming the ads did not adequately reflect the risks of the investment.
However, bitcoin ATMs did not fall under the scope of regulators in these countries.
Recall that analysts at Grand View Research expect that the cryptocurrency ATM market will reach $1.88 billion by 2028.
