Crypto ATMs offline as Singapore seeks to curb ‘on impulse’ trading

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SINGAPORE (Reuters) – Cryptocurrency computerized teller machines (ATMs), which give a handy platform for trading in digital tokens, are being taken offline in Singapore, as its central financial institution limits shopper promoting of crypto.

Crytocurrency ATMs allow customers to commerce digital fee tokens (DPT) like Bitcoin and Ether with fiat cash, or government-issued forex.

The Monetary Authority of Singapore’s (MAS) in new tips https://www.reuters.com/expertise/singapore-cbank-issues-guidelines-discourage-crypto-trading-by-public-2022-01-17 introduced on Monday, mentioned such handy entry could mislead the general public to commerce “on impulse”.

Daenerys & Co, the most important crypto ATM operator within the city-state by way of its footprint, has shut down all of its crypto ATMs to adjust to the rules, which it mentioned got here as a shock.

“To adjust to the sudden announcement, we’ve ceased to supply purchase or promote providers by way of our 5 ATMs whereas in search of additional clarification from the MAS,” Daenerys mentioned in response to Reuters queries.

Another crypto ATM operator, Deodi Pte, on its web site mentioned it had additionally shut down its sole ATM in compliance with the rules.

Both Daenerys and Deodi are among the many greater than 100 companies which have utilized to the MAS for a license to supply DPT providers.

(Reporting by Chen Lin; Editing by Martin Petty)



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