After the Monetary Authority of Singapore (MAS)<a href="https://www.cryptoknowmics.com/news/singapore-crypto-atms-shut-down-following-mas-guidelines/" target="_blank" rel="noopener"> outlawed</a> cash-to-crypto terminals as part of a broader crackdown on advertising cryptocurrencies to the public, Singapore's top operators of crypto ATMs were compelled to shut down their cash machines on Tuesday. Singapore's ban follows similar advertising limits enacted in Spain and the United Kingdom.

This came as a shock to the people, as the country is known as one of the most active nations when it comes to cryptocurrencies. Singapore was named the world's most crypto-friendly economy by fintech firm Coincub in December, citing the city's "good legislative environment and high rate of cryptocurrency acceptance." However, the legislative climate in the city-state now appears to be less favorable.
<h2>Authorities Justify it by Saying People Should Consider the Risks First</h2>
The Singapore Monetary Authority announced new instructions on the "supply of digital payment token [DPT] services to the public" last Monday, stating that crypto operators "shall not promote their DPT services to the general public."

ATMs, which let people convert cash into <a href="https://www.cryptoknowmics.com/news/advantages-of-playing-bitcoin-casino-games-in-2022/" target="_blank" rel="noopener">Bitcoin</a>, Ether, and other digital currencies, were singled out by the MAS. The central bank warned that the simplicity of cash-to-crypto machines could drive people to acquire Bitcoin and other virtual currencies "on the spur of the moment, without thinking about the risks."

"The public should not be encouraged to engage in the trading of digital payment tokens," MAS stated, adding that it has consistently cautioned the public that the trading of digital payment tokens is highly dangerous and not suited for the general public.

MAS Wants Its People to Understand The Risks Associated With Crypto

MAS wants its people to understand the risks associated with crypto and hence orders crypto ATMs to shut down in the country.

Meghna is a graduate of the Indian Institute of Journalism &amp; New Media specializing in  Print Journalism. She is currently working as a content writer for Agio Support Solutions Pvt. Ltd. She aims to provide quality content and strategy in the field of cryptocurrency and work with digital marketing platforms to deliver brand-specific strategies.

MAS Wants Its People to Understand The Risks Associated With Crypto

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