BlocksInform
Singapore announced the closure of cryptocurrency vending machines in connection with their crackdown on cryptocurrency advertisements.
Daenerys & co, the greatest machine operator in singapore, "mas's new atm guidelines were an unexpected surprise," following a request from the monetary authority of singapore to suspend its activities.
The government of Singapore has tightened its regulation of cryptocurrencies this year, urging their citizens to participate in cryptocurrency and metaverse "responsible". As a result, the government has approved fewer licenses for cryptography firms and has provided new guidelines for cryptography ATMs.
The Monetary Authority of Singapore requested the changes as part of its mission to regulate the advertising of cryptocurrency, according to bloomberg, and follows the government's position on cryptocurrency. Monday, the central bank announced a ban on crypto-currency advertising businesses in public spaces and online, which comes as a surprise considering Singapore's crypto-friendly position. Joseph Teo, the Minister for Communications and Information recently spoke on the role the government will be taking with regards to digital currency and the metaverse:
“Similar to the physical world, the government will seek to balance between promoting economic vitality, preserving social stability, and protecting public security in the digital domain” she added that individuals and companies would be encouraged to “play their part by participating responsibly in the metaverse.”
Despite the high rate of cryptocurrency adoption in Singapore, and historically crypto-friendly legislation, BINANCE has recently withdrawn its services from Singapore, in an effort to remain compliant with the latest legislation.
