See More

Monetary Authority of Singapore Guidelines Shutter Crypto ATMs

2 mins
Updated by Ryan Boltman
Join our Trading Community on Telegram

In Brief

  • Automated teller machines (ATMs) that trade in cryptocurrency are being shut down across Singapore, in the wake of a ban on crypto ads for the general public.
  • The guidelines also targeted the use of these ATMs, saying they may cause individuals to buy crypto “on impulse.”
  • Singapore’s authorities are not alone in attempting to reign in wayward advertising.
  • promo

Automated teller machines (ATMs) that trade in cryptocurrency are being shut down across Singapore, in the wake of a ban on crypto ads for the general public.

Earlier this week, the Monetary Authority of Singapore (MAS) issued new guidelines for cryptocurrency promotion, in an effort to limit exposure to the general public. However, crypto ATMs provide a convenient platform for users to exchange fiat currency for digital payment tokens (DPT), like Bitcoin and Ethereum. For this reason, the guidelines also targeted the use of these ATMs, saying they may cause individuals to buy crypto “on impulse.”

Daenerys & Co., Singapore’s largest operator of crypto ATMs, shut down all five of its machines in order to comply with the MAS request. Daenerys said that the speed with which the machines were shut down following the publication of the new guidelines came as an “unexpected surprise.” Meanwhile, rival crypto ATM operator Deodi Pte also said on its website that it had shut down its sole ATM to comply with the guidelines.

Crypto ad bans

Singapore has been working to position itself as a global hub for the development of blockchain technology and cryptocurrencies. Its efforts to create a clear regulatory and operating environment, including a formal licensing framework, have drawn crypto companies from around the world. However, authorities are still trying to balance the benefits that come with financial innovation with the risks posed to retail traders by the volatile virtual assets.

“MAS strongly encourages the development of blockchain technology and innovative application of crypto tokens in value-adding use cases,” said MAS Assistant Managing Director (Policy, Payments and Financial Crime) Loo Siew Yee. “But the trading of cryptocurrencies is highly risky and not suitable for the general public.” To preclude exposure to the general public, the guidelines also clarified that DPT services should not be promoted in public areas or through third-party engagement, such as social media influencers.

Singapore’s authorities are not alone in attempting to reign in wayward advertising. Regulators in both Spain and the United Kingdom took issue with crypto ads issued within their jurisdiction this past week.

What do you think about this subject? Write to us and tell us!

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

photo_Nick.jpg
Nicholas Pongratz
Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage.
READ FULL BIO
Sponsored
Sponsored