Following the Monetary Authority of Singapore’s (MAS) guidelines, all cryptocurrency ATMs in Singapore have been closed. “To comply with the sudden announcement, we have ceased to offer buy or sell services via our five ATMs while seeking further clarification from the MAS,” said one crypto ATM operator.
Crypto ATMs Shut Down in Singapore to Comply With the Central Bank’s Guidelines
To comply with the new regulation published by Monetary Authority of Singapore on Monday, cryptocurrency ATMs in Singapore will be closing.
Singapore’s biggest cryptocurrency ATM operator, Daenerys & Co., told Bloomberg Tuesday that it has ceased services to comply with the MAS request, adding:
MAS’s new guidelines regarding ATMs were an unexpected surprise.
Five crypto ATMs were operated by the company, most of which are located in shopping centers around Singapore. These machines enable customers to trade cryptocurrencies such as bitcoin or ether with fiat currency. Reuters was told by Daenerys:
We have stopped offering buy-sell services through our five ATMs in compliance with this sudden announcement.
Deodi Pte. also closed its crypto ATM Tuesday.
Daenerys as well as Deodi have both applied to the MAS in order to receive a digital payment token license (DPT) from them. The MAS clarified that DPT is also known as cryptocurrency. Nearly 170 applicants applied for a license, and about 100 were either rejected or withdrawn by the central bank.
The MAS issued “Guidelines to Discourage Cryptocurrency Trading by [the] General Public” Monday.
In its guidelines, the central bank said that it “has observed that some DPT service providers have been actively promoting their services through online and physical advertisements or through the provision of physical automated teller machines (ATM) in public areas.” The Singaporean central bank stressed:
This might encourage people to trade DPTs in an impulse fashion, even though they may not fully understand the associated risks.
The new guidelines state that “DPT service providers should not engage in marketing or advertising of DPT services” in public areas in the country, including through the “provision of physical ATMs.”
Singapore isn’t the only country that has cracked down on crypto advertising. The U.K. announced this week that it will tighten rules regarding crypto ads to make sure they are not confusing and clear.
Do you have any thoughts about the Singapore closure of crypto ATMs? Comment below.
Image creditShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is provided for educational purposes only. This is not an invitation to purchase or sell directly, nor a suggestion or endorsement of products, services or companies. Bitcoin.com doesn’t offer investment, tax or legal advice. The author and the company are not responsible for any loss or damage caused by the content or use of any goods, services, or information mentioned in the article.