Cryptocurrency monitoring machines in Singapore after announcing the central bank-regulation

cryptocurrency monkey machines were closed in Singapore according to the guidelines of the central bank, the Monetary Authority of Singapore (MAS). "In order to comply with the sudden announcement, we have stopped offering buying or sales services through our five ATMs while we obtain further clarifications from the MAS," said an operator of crypto money machine.

crypto money machines are closed in Singapore to meet the guidelines of the central bank

cryptocurrency monkey machines are closed in Singapore to meet the new regulations that were published on Monday by the Central Bank, the Monetary Authority of Singapore (MAS).

Singapore's largest operator of cryptocurrency machines, Daenerys & Co., Bloomberg announced on Tuesday that he had hired his services to meet the MAS requirements and added:

The new MAS guidelines regarding ATMs were an unexpected surprise.

The company operated five crypto cash machines, which were mainly in shopping centers throughout Singapore. The machines enable customers to buy and sell cryptocurrencies, including Bitcoin and ether, with Fiat currency. Daenerys told Reuters:

In order to comply with the sudden announcement, we have stopped offering purchasing or sales services through our five ATMs while we obtain further explanations from the MAS

Another operator, deodi pte., also switched off his crypto money machine on Tuesday.

Both Daenerys and Deodi are among the companies who have applied for a license to offer digital payment token (DPT) services from MAS. DPT is generally known as cryptocurrency, the MAS has clarified. About 170 companies have applied for a license, about 100 have not their applications or have been withdrawn from the central bank rejected.

The mas Cryptocurrency trade by [the] general public “Monday.

In its guidelines, the central bank said that “it has observed that some DPT service providers actively advertised their services through online and physical advertising or by providing physical ATMs (ATM) in public areas”. The Singapore central bank emphasized:

This could encourage consumers to act spontaneously without understanding the associated risks.

The new guidelines state that "DPT providers in public areas of the country should not operate or advertise DPT services", including the "provision of physical ATMs".

Singapore is not the only country that is hard against cryptocurrency advertising. This week the British government that it exacerbates the rules for crypto advertising to ensure that and are not misleading.

What do you think of the closure of ATMs for cryptocurrencies in Singapore? Let us know in the comment area below.

Kevin Helms

As a student of Austrian economics, Kevin Bitcoin discovered in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.

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