Crypto ATMs are suddenly shutting down in Singapore 😬 Regulators say 'the trading of cryptocurrencies is highly risky and not suitable for the general public' 🚨
The machines are being targeted by regulators who say crypto trading "is highly risky and not suitable for the general public."Crypto ATMs are becoming increasingly hard to find in Singapore after regulators issued new guidelines that are designed to "discourage" trading by consumers.
The city-state is imposing rules that stop digital assets from being advertised on public transport, as well as in newspapers and on TV — and enlisting the help of social media influencers is now prohibited. But in another development that appeared to take businesses by surprise, the Monetary Authority of Singapore also said that the "provision of physical ATMs" is covered under the tougher measures.
The regulator's assistant managing director, Loo Siew Lee, didn't mince her words in Monday's announcement, warning: "MAS strongly encourages the development of blockchain technology and innovative application of crypto tokens in value-adding use cases. But the trading of cryptocurrencies is highly risky and not suitable for the general public."
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