Cryptocurrency ATMs have been shut down in Singapore underneath pointers issued by the central financial institution, the Financial Authority of Singapore (MAS). “To adjust to the sudden announcement, we now have stopped providing purchase or promote companies by way of our 5 ATMs whereas we search additional clarifications from the MAS,” mentioned a crypto ATM operator.

Crypto ATMs might be shut down in Singapore to adjust to central financial institution pointers

Cryptocurrency ATMs might be shut down in Singapore to adjust to new rules launched by the central financial institution, the Financial Authority of Singapore (MAS), on Monday.

Singapore’s largest operator of cryptocurrency ATMs, Daenerys & Co., advised Bloomberg on Tuesday that it had suspended its companies to adjust to the MAS requirement, including:

The brand new MAS coverage on ATMs got here as an surprising shock.

The corporate operated 5 crypto ATMs, largely positioned in malls throughout Singapore. The machines enable prospects to purchase and promote cryptocurrencies, together with bitcoin and ether, utilizing fiat currency. Daenerys advised Reuters:

To adjust to the sudden announcement, we now have stopped providing purchase or promote companies by way of our 5 ATMs whereas we search additional clarification from the MAS.

One other operator, Deodi Pte., additionally shut down its crypto ATM on Tuesday.

Each Daenerys and Deodi are among the many firms which have utilized to the MAS for a license to supply Digital Cost Token (DPT) companies. DPT is usually generally known as a cryptocurrency, the MAS has clarified. About 170 firms utilized for a license, however about 100 both withdrew their utility or had been rejected by the central financial institution.

The MAS has issued “Tips to Disourage Cryptocurrency Buying and selling”. [the] Basic Public” Monday.

In its pointers, the central financial institution mentioned it had “noticed that some DPT service suppliers have been actively selling their companies by way of on-line and bodily promoting, or by offering bodily automated teller machines (ATM) in public areas”. The Central Financial institution of Singapore pressured:

This might encourage customers to commerce DPT on the fly with out totally understanding the dangers concerned.

The brand new pointers state that “DPT service suppliers shouldn’t have interaction in advertising and marketing or promoting of DPT companies in public areas of the nation”, together with by way of the “provision of bodily ATMs”.

Singapore is not the one nation cracking down on cryptocurrency promoting. This week, the UK authorities introduced that it’s tightening guidelines on crypto promoting to make sure it’s clear and never deceptive.

tags on this story

ATM Shutdown, Bitcoin ATM, Crypto ATM, Crypto ATM Shutdown, Crypto ATM Singapore, Cryptocurrency ATM, MAS, Financial Authority of Singapore, Singapore, Central Financial institution of Singapore, Crypto ATM Singapore

What are your ideas on the closure of cryptocurrency ATMs in Singapore? Tell us within the remark part under.

Kevin Helms

As an Austrian economics pupil, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open supply methods, community results and the interface between economics and cryptography.

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