Cryptocurrency ATMs Close Down in Singapore Following Central Bank’s Announcement

Cryptocurrency ATMs person closed down successful Singapore pursuing the guidelines issued by the cardinal bank, the Monetary Authority of Singapore (MAS). “To comply with the abrupt announcement, we person ceased to connection bargain oregon merchantability services via our 5 ATMs portion seeking further clarification from the MAS,” said 1 crypto ATM operator.

Crypto ATMs Shut Down successful Singapore to Comply With the Central Bank’s Guidelines

Cryptocurrency ATMs are closing down successful Singapore to comply with caller regulations published Monday by the cardinal bank, the Monetary Authority of Singapore (MAS).

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 caller guidelines regarding ATMs were an unexpected surprise.

The institution operated 5 crypto ATMs, mostly located successful malls astir Singapore. The machines let customers to bargain and merchantability cryptocurrencies including bitcoin and ether utilizing fiat currency. Daenerys told Reuters:

To comply with the abrupt announcement, we person ceased to connection bargain oregon merchantability services via our 5 ATMs portion seeking further clarification from the MAS.

Another operator, Deodi Pte., besides unopen down its crypto ATM connected Tuesday.

Both Daenerys and Deodi are among the companies that person applied to the MAS for a licence to connection integer outgo token (DPT) services. DPT is commonly known arsenic cryptocurrency, the MAS has clarified. About 170 firms applied for a licence but astir 100 person either withdrawn their applications oregon person been rejected by the cardinal bank.

The MAS issued “Guidelines to Discourage Cryptocurrency Trading by [the] General Public” Monday.

In its guidelines, the cardinal slope said that it “has observed that immoderate DPT work providers person been actively promoting their services done online and carnal advertisements oregon done the proviso of carnal automated teller machines (ATM) successful nationalist areas.” The Singaporean cardinal slope stressed:

This could promote consumers to commercialized DPTs connected impulse, without afloat knowing the attendant risks.

The caller guidelines authorities that “DPT work providers should not prosecute successful selling oregon advertizing of DPT services” successful nationalist areas successful the country, including done the “provision of carnal ATMs.”

Singapore is not the lone state cracking down connected cryptocurrency advertising. This week, the U.K. authorities announced that it is tightening rules connected crypto advertisements to guarantee that they are wide and not misleading.

What bash you deliberation astir cryptocurrency ATMs shutting down successful Singapore? Let america cognize successful the comments conception below.

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