Cryptocurrency ATM operators in Singapore halted operations on Tuesday to comply with new guidelines issued by the Monetary Authority of Singapore (MAS), the country’s central bank, Bloomberg reported.
Fast facts
- Crypto ATM operators Daenerys & Co. and Deodi Pte shut their operations down as they await further clarification from MAS.
- New central bank guidelines issued on Monday restrict crypto businesses from promoting their services in public venues, websites and social media, except through their own official websites and social media.
- The guidelines also prohibit businesses from providing physical crypto ATM services.
- MAS said that providing convenient access to digital assets via ATMs may encourage impulse-driven crypto trading activities without considering associated risks.