Cryptocurrency ATMs Close Down in Singapore Following Central Bank's Announcement
Cryptocurrency ATMs are closing down in Singapore to comply with new regulations published Monday by the central bank, the Monetary Authority of Singapore (MAS).
Crypto ATMs Shut Down in Singapore to Comply With the Central Bank’s Guidelines
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.
The company operated five crypto ATMs, mostly located in malls around Singapore.
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.
Both Daenerys and Deodi are among the companies that have applied to the MAS for a license to offer digital payment token (DPT) services.
DPT is commonly known as cryptocurrency, the MAS has clarified.
The MAS issued “Guidelines to Discourage Cryptocurrency Trading by [the] General Public” Monday.
This could encourage consumers to trade DPTs on impulse, without fully understanding the attendant 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 is not the only country cracking down on cryptocurrency advertising.