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Crypto ATMs in Singapore have been closed, according to guidelines issued by the central bank, the Monetary Authority of Singapore (MAS). “In compliance with the sudden announcement, we have stopped offering buy and sell services through our five ATMs while seeking further clarification from MAS,” said a crypto ATM operator.
Singapore shuts down crypto ATMs to comply with central bank guidelines
Cryptocurrency ATMs in Singapore are closing to comply with new regulations issued by the Monetary Authority of Singapore (MAS) on Monday.
Daenerys & Co., Singapore’s largest cryptocurrency ATM operator, told Bloomberg on Tuesday that it has stopped offering MAS-compliant services, adding:
MAS’ new guidelines on ATMs come as a surprise.
The company operates five encrypted ATMs, mostly located in shopping malls around Singapore. These machines allow customers to buy and sell cryptocurrencies, including bitcoin and ether, using fiat currencies. Daenerys told Reuters:
In compliance with the sudden announcement, we have stopped offering buy and sell services through our five ATMs while seeking further clarification from MAS.
Another operator, Deodi Pte., also closed its cryptocurrency ATMs on Tuesday.
Daenerys and Deodi are among the companies that have applied to MAS for a license to provide digital payment token (DPT) services. DPT is often referred to as cryptocurrency, MAS has clarified.About 170 companies applied for the license, but about 100 companies either undo Their application may have been rejected by the central bank.
MAS release “A Guide to Blocking Cryptocurrency Transactions [the] public” Monday.
In its guidelines, the central bank said it “observed that some DPT service providers have been actively promoting their services through online and brick-and-mortar advertising or by offering brick-and-mortar automated teller machines (ATMs) in public areas.” The central bank highlighted:
This may encourage consumers to trade DPT on impulse without fully understanding the risks that come with it.
The new guidelines state that “DPT service providers shall not engage in marketing or advertising activities for DPT services in public spaces in the country”, including by “providing brick-and-mortar ATMs”.
Singapore is not the only country cracking down on cryptocurrency advertising.This week, the UK government Announce It is tightening the rules on cryptocurrency advertising to ensure they are clear and not misleading.
What do you think of the closed cryptocurrency ATMs in Singapore? Let us know in the comments section below.
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