Singapore orders shutdown of cryptocurrency ATMs
The Monetary Authority of Singapore (MAS), after it issued new guidelines for marketing and advertising of cryptocurrency services in the city state on January 17, ordered automatic teller machines (ATMs) for crypto to be taken offline.
Such ATMs enable users to trade digital tokens such Bitcoin and Ether with fiat money and provide a convenient platform for trading.
However, the authority seeks to limit the convenient access to crypto because it may “mislead the public to trade on impulse,” MAS said.
Daenerys & Co, which operates five crypto ATMs across the city as the biggest operator, said it was “surprised” by the MAS guidelines but ceased its ATM services on the following day. Rival Deodi switched off its ATM network too and quickly sent staff to remove its ATM machines from malls across Singapore.
Crypto trading “not suitable for the general public”
MAS said it has “consistently warned the public that the trading of digital payment tokens… is highly risky and not suitable for the general public” and reiterated that the public should not be encouraged to engage in the trading of cryptocurrencies.
The clampdown in Singapore goes parallel with similar newly implemented advertising restrictions in Spain and the UK. Spain mandated also on January 17 that crypto firms must submit ad campaigns for regulatory approval ten days in advance, while the UK launched a review of cryptocurrency advertising practices, promising to crack down on “products with misleading claims.”
The price of cryptocurrencies – except stablecoins – is notoriously volatile. Bitcoin as the flagship crypto token has nosedived from a peak of around $67,000 per coin in November last year to slightly above $42,000 as of January 19, while other high-volume coins such as Cardano, Solana and Polkadot also slid after peaking in the second half of 2021.
The Monetary Authority of Singapore (MAS), after it issued new guidelines for marketing and advertising of cryptocurrency services in the city state on January 17, ordered automatic teller machines (ATMs) for crypto to be taken offline. Such ATMs enable users to trade digital tokens such Bitcoin and Ether with fiat money and provide a convenient platform for trading. However, the authority seeks to limit the convenient access to crypto because it may “mislead the public to trade on impulse,” MAS said. Daenerys & Co, which operates five crypto ATMs across the city as the biggest operator, said it was “surprised”...
The Monetary Authority of Singapore (MAS), after it issued new guidelines for marketing and advertising of cryptocurrency services in the city state on January 17, ordered automatic teller machines (ATMs) for crypto to be taken offline.
Such ATMs enable users to trade digital tokens such Bitcoin and Ether with fiat money and provide a convenient platform for trading.
However, the authority seeks to limit the convenient access to crypto because it may “mislead the public to trade on impulse,” MAS said.
Daenerys & Co, which operates five crypto ATMs across the city as the biggest operator, said it was “surprised” by the MAS guidelines but ceased its ATM services on the following day. Rival Deodi switched off its ATM network too and quickly sent staff to remove its ATM machines from malls across Singapore.
Crypto trading “not suitable for the general public”
MAS said it has “consistently warned the public that the trading of digital payment tokens… is highly risky and not suitable for the general public” and reiterated that the public should not be encouraged to engage in the trading of cryptocurrencies.
The clampdown in Singapore goes parallel with similar newly implemented advertising restrictions in Spain and the UK. Spain mandated also on January 17 that crypto firms must submit ad campaigns for regulatory approval ten days in advance, while the UK launched a review of cryptocurrency advertising practices, promising to crack down on “products with misleading claims.”
The price of cryptocurrencies – except stablecoins – is notoriously volatile. Bitcoin as the flagship crypto token has nosedived from a peak of around $67,000 per coin in November last year to slightly above $42,000 as of January 19, while other high-volume coins such as Cardano, Solana and Polkadot also slid after peaking in the second half of 2021.
