Singapore Crypto ATMs Shut Down Following MAS Guidelines
According to fresh guidelines issued Monday, the MAS has banned crypto firms from advertising their services in public places, websites, and social networks in an effort to regulate advertising cryptocurrencies to the public.
To comply with the new regulations published by the MAS, two cryptocurrency ATM operators Daenerys & Co. and Deodi Pte have already shut down all of its crypto ATMs on Monday, which it said came as a surprise.
“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,” said one crypto ATM operator.
Both Daenerys and Deodi are among the companies that have applied to the MAS for a license to offer digital payment token (DPT) services, commonly known as cryptocurrencies. About 170 firms applied for a license but about 100 have either withdrawn their applications or have been rejected by the central bank.
The central bank clarified that it 'has observed that some DPT service providers have been actively promoting their services through online and physical advertisements or through the provision of physical automated teller machines (ATM) in public areas.
The MAS has specifically restricted ATMs that can convert cash into Bitcoin, Ether, and other digital currencies. According to the watchdog, the convenience offered by cash-to-crypto terminals could lead the public to buy cryptocurrencies 'on impulse, without considering the risks.'