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.
On Monday, January 17, the published a set of rules, in which it urged crypto firms not to promote their services to the general public to avoid the risk of speculation.
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.
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.
“The new MAS guidance on ATMs came as a complete surprise,” the company told Bloomberg.
The equipment will remain offline until clarification is received from the regulator, the company added.
Another local operator—Deodi Pte.—also paused the operation of its sole Bitcoin ATM.
Singapore is not the only jurisdiction tightening rules on broad promotion of crypto services. On January 17, the Spanish National Securities Market Commission issued 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.
The United Kingdom’s Financial Conduct Authority published a draft advertising rule for certain cryptocurrencies. The document proposes a ban on campaigns without an assessment by providers of users’ financial knowledge and experience.
Previously, the UK’s Advertising Standards Authority initiated an investigation into a marketing campaign for the meme token Floki Inu, which used public transport.
ASA also banned advertising seven crypto-linked promotional campaigns, deeming that the ads did not adequately reflect investment risks.
However Bitcoin ATMs in these countries have not come under regulators’ crosshairs.
Analysts at Grand View Research will reach $1.88 billion.