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The Money Authority of Singapore eliminates cryptocurrency ATMs

Thursday 27 January 2022 10:36 CET | News

The Money Authority of Singapore (MAS), the country’s central bank, has enforced new regulations that ban cryptocurrency companies from advertising services in public areas, social networks, and websites.

This translated into cryptocurrency trading companies only being allowed to advertise their services on their own websites, social media channels, and mobile applications. 

As a result, cryptocurrency ATMs across the country shut down their operations. The industry leaders confirm that the new guidelines are in line with MAS crediting cryptocurrency trading as highly risky but also expressed concerns regarding the country’s plan to become a key player for crypto-related businesses.

MAS officials argue that their decision to ban crypto ATMs is to protect customers from ‘impulse trading’, as convenient access to these altcoins could lead to negative results for untrained traders. 

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Keywords: Monetary Authority of Singapore (MAS), regulation, ATM, cryptocurrency, crypto
Categories: Payments & Commerce
Companies:
Countries: Singapore
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