Singapore’s MAS issues Guidelines to Shut Down Cryptocurrency ATMs

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Key takeways

  • Operators of Bitcoin ATMs in Singapore have halted operations until additional clarification from the central bank in light of new instructions.
  • Until the MAS clarifies the new guidelines, there will be no crypto ATMs in Singapore.

Following a restriction on crypto advertisements for the general public, ATMs that trade in cryptocurrency are being shut down across Singapore. Daenerys & Co., Singapore’s largest operator of crypto ATMs, shut down all five of its machines so that they could comply with the request of the Monetary Authority of Singapore. 

The speed with which the machines were shut down after the new standards were published came as an “unexpected surprise,” according to Daenerys. Meanwhile, Deodi Pte, a competitor crypto ATM operator, said on its website that it has shut down its lone ATM to comply with the requirements.

Daenerys has five crypto ATMs that take fiat currency in exchange for cryptos, primarily Bitcoin, Ethereum, and Ripple.

Singapore is one of the few governments that supports cryptocurrencies and blockchain initiatives publicly. According to a recent poll conducted by fintech comparison website, roughly 16% of Singaporeans possess cryptocurrencies.

Some crypto ATM kiosks, on the other hand, let certain transactions take place without collecting any information from customers other than their phone numbers. Some even use prepaid smartphones that are discarded once the transaction is completed.

Shutting down crypto ATMs necessitates the establishment of know-your-customer standards by operators to protect themselves from fraudulent activities and transactions. However, in the Bitcoin realm, where anonymity reigns supreme, this has proven more difficult to accomplish.

Singapore’s financial authority has made it plain that crypto businesses should not advertise or promote their digital currency services, but it has not outright prohibited their use! Users can still acquire cryptocurrency, but it will be more intentional and less on the spur of the moment.

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Chetna Prakash
Chetna Prakash

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