Cryptocurrency ATMs, which provide a platform for trading digital tokens, are being unplugged in Singapore as the central bank has limited consumer advertising of cryptocurrencies.
Cryptocurrency ATMs allow users to trade digital payment tokens (DPT) such as bitcoin and ether with fiat money or government-issued currency.
The Monetary Authority of Singapore (MAS) in guidelines announced on Monday (17), said that such access could lead the public to trade “on impulse”.
Daenerys & Co, the region’s largest cryptocurrency ATM operator, has closed all of its cryptocurrency ATMs to comply with the guidelines.
“To comply with the sudden announcement, we have stopped offering buy or sell services through our five ATMs while we seek further clarification from the MAS,” Daenerys said in response to Reuters.
Another cryptocurrency ATM operator, Deodi Pte, said on its website that it also closed its only ATM in compliance with the guidelines.
Both Daenerys and Deodi are among the more than 100 companies that have applied to MAS for a license for DPT services.
Reference: CNN Brasil
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