Singapore closes cryptocurrency ATMs to curb 'impulsive' trading

Time:2022-01-23 Source: 918 views Trending Copy share

Crypto automated teller machines (ATMs), which provide a convenient platform for digital token transactions, are going offline in Singapore as the Monetary Authority of Singapore (MAS) restricts consumer advertising of cryptocurrencies.

Cryptocurrency ATMs allow users to trade digital payment tokens (DPTs) such as bitcoin and ether for fiat or government-issued currencies.

The convenient channel could mislead the public into "impulse" trading, the MAS said in new rules released on Monday.

Daenerys & Co, the largest cryptocurrency ATM operator in Singapore by number of ATMs, has closed all cryptocurrency ATMs to comply with regulations. The company said the rule came as a surprise.

"In compliance with this abrupt announcement, our five ATMs are no longer available for buying and selling, while seeking further clarification from the MAS," Daenerys said in response to a Reuters query.

Another cryptocurrency ATM operator, Deodi Pte, said on its website that it has closed its only ATMs to comply with the regulation.

Daenerys and Deodi are among more than 100 companies that have applied to the MAS for licenses to provide DPT services.

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