Cryptocurrency ATMs Close Down in Singapore Following Central Bank's Announcement
Crypto ATMs Shut Down in Singapore to Comply With the Central Bank’s Guidelines
Cryptocurrency ATMs are closing down in Singapore to comply with new regulations published Monday by the central 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 new guidelines regarding ATMs were an unexpected surprise."
The company operated five crypto ATMs, mostly located in malls around Singapore. The machines allow customers to buy and sell cryptocurrencies including bitcoin and ether using fiat currency. Daenerys told Reuters:
"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."
Another operator, Deodi Pte., also shut down its crypto ATM on Tuesday.
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. About 170 firms applied for a license but about 100 have either withdrawn their applications or have been rejected by the central bank.
The MAS issued “Guidelines to Discourage Cryptocurrency Trading by [the] General Public” Monday. Read More…
