Singapore cracking down on Bitcoin

bitcoin gold

A financial authority in Singapore is acting to close many of the easiest on-ramps for citizens to invest in Bitcoin.

Anush Samal at NewsBTC reports Singapore’s Money Authority (MAS) has asked companies to restrict crypto advertising, and stop promoting the coin in traditional media like newspapers.

“(New MAS rules) stated and clarified that Digital Payment Token service providers ‘should not portray the trading of DPTs cryptocurrencies in a manner that trivializes the high risks of trading in DPTs, and should not promote their DPT services in public areas in Singapore or through any other media directed at the general public in Singapore,’” Samal writes.

The MAS reportedly asks money services business to show customers more about the volatility of the asset.

Local Bitcoin ATMs are also being shut down with the government claiming that the lead to “impulse” buying of cryptocurrencies.

“On Tuesday, MAS declared that it would be outlawing crypto-to-cash terminals, thus, sealing all crypto ATMs in Singapore,” Samal reports. “Daenerys & Co,  which is one of the biggest crypto ATM operators with five crypto ATMs spread across the city had acted in accordance with the guidelines. Another rival ATM operator, Deodi also complied with the Central Bank’s order and ceased its only ATM.”

All of the above is part of a mixed record on crypto in Singapore, as noted in this blurb from CoinMarketCap:

“Although Singapore’s government is innovative and friendly toward cryptocurrencies, crypto organizations still face some hurdles,” writes Kevin Dwyer. “Many banks do not allow crypto-based businesses to open accounts, and there is a formidable process involved in gaining recognition from the Monetary Authority of Singapore. However, even though the government is wary, they are working quickly to provide a common clarification of rules so the crypto ecosystem can flourish in Singapore.”

Keep an eye on how nations like this treat crypto as we move into the new year.