Cryptocurrency ATMs shut down in Singapore

The country's Central Bank has issued new rules governing cryptocurrency trading

19.01.2022 - 14:30

350

1 min

What’s new? Crypto ATM’s operators have ceased their operations in Singapore under new requirements from the country's Central Bank. The Monetary Authority of Singapore (MAS) has issued rules that prohibit businesses from providing physical crypto ATM services, Bloomberg reports.

The Bloomberg material

Why have crypto ATMs been banned? The MAS stated that providing convenient access to digital assets through ATMs may encourage impulsive cryptocurrency trading without considering the risks involved. Daenerys & Co, the largest operator of cryptocurrency ATMs in Singapore, has closed all its outlets. The companies now await a detailed comment from MAS.

What else do the new MAS rules say? According to the recently published Central Bank’s guidelines, cryptocurrency companies are prohibited from promoting their services in public places, as well as on websites and social media, except through their own services.

Author: