Cryptocurrency ATMs, which provide a convenient platform for trading in digital tokens that are being taken offline in Singapore by its central bank, in a bid to limit impulse trading.
Cryptocurrency ATMs enable users to trade digital payments tokens(DPT) such as Bitcoin and Ether with fiat money, or government-issued currency.
In a move to limit convenient access which may mislead the public to trade on impulse, the Monetary Authority of Singapore’s (MAS) announced these new guidelines on Monday.
According to the new guidelines which have come as a surprise, Daenerys & Co, the biggest crypto ATM operator in the city-state in terms of its footprint, has shut down all of its crypto ATMs.
Daenerys in a statement said, “To comply with the sudden announcement, we have ceased to offer buy or sell services via our five ATMs while seeking further clarification from the MAS.”
Deodi Pte, another crypto ATM operator, on its website said it had also shut down its sole ATM in compliance with the guidelines.
There are more than 100 firms along with Daenerys and Deodi that have applied to the MAS for a license to offer DPT services.
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