{"id":56206,"date":"2022-01-19T17:37:49","date_gmt":"2022-01-19T15:37:49","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=56206"},"modified":"2025-09-04T05:14:39","modified_gmt":"2025-09-04T02:14:39","slug":"bloomberg-bitcoin-atms-in-singapore-shut-down-amid-new-rules-on-crypto-advertising","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bloomberg-bitcoin-atms-in-singapore-shut-down-amid-new-rules-on-crypto-advertising\/","title":{"rendered":"Bloomberg: Bitcoin ATMs in Singapore shut down amid new rules on crypto advertising"},"content":{"rendered":"

Operators of cryptocurrency ATMs shut down the devices after recommendations from Singapore’s Monetary Authority (MAS) to curb advertising of digital-asset services, according to Bloomberg<\/a>.<\/p>\n

On Monday, January 17, the published a set of rules<\/a>, in which it urged crypto firms not to promote their services to the general public to avoid the risk of speculation.<\/p>\n

Under the document, providers of digital-asset-related services should not advertise them in public places. Separately, MAS noted Bitcoin ATMs, which, in the regulator’s view, foment impulsive cryptocurrency purchases.<\/p>\n

Daenerys & Co, the largest operator of such machines in the city-state, has shut down all five units. They were installed mainly in shopping malls across Singapore and allow users to buy Bitcoin and some other assets with fiat money.<\/p>\n

\n

“The new MAS guidance on ATMs came as a complete surprise,” the company told Bloomberg.<\/p>\n<\/blockquote>\n

The equipment will remain offline until clarification is received from the regulator, the company added.<\/p>\n

\\\"Bloomberg:
One of the Daenerys ATMs. Source: Bloomberg.<\/figcaption><\/figure>\n

Another local operator\u2014Deodi Pte.\u2014also paused the operation of its sole Bitcoin ATM.<\/p>\n

Singapore is not the only jurisdiction tightening rules on broad promotion of crypto services. On January 17, the Spanish National Securities Market Commission issued<\/a> new advertising requirements related to cryptocurrencies. The agency required that advertisements include a disclaimer about the unregulated status of the assets and the risk of loss of funds.<\/p>\n

The United Kingdom’s Financial Conduct Authority published a draft advertising rule for certain cryptocurrencies. The document proposes a ban on campaigns<\/a> without an assessment by providers of users’ financial knowledge and experience.<\/p>\n

Previously, the UK’s Advertising Standards Authority initiated an investigation<\/a> into a marketing campaign for the meme token Floki Inu, which used public transport.<\/p>\n

ASA also banned advertising<\/a> seven crypto-linked promotional campaigns, deeming that the ads did not adequately reflect investment risks.<\/p>\n

However Bitcoin ATMs in these countries have not come under regulators’ crosshairs.<\/p>\n

Analysts at Grand View Research will reach<\/a> $1.88 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"

Operators of cryptocurrency ATMs shut down the devices following MAS recommendations to curb advertising of digital-asset services, according to Bloomberg.<\/p>\n","protected":false},"author":1,"featured_media":56207,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1412,1189,946],"class_list":["post-56206","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bans-and-restrictions","tag-cryptomats","tag-singapore"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/56206","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=56206"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/56206\/revisions"}],"predecessor-version":[{"id":56208,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/56206\/revisions\/56208"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/56207"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=56206"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=56206"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=56206"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}