The Money Authority of Singapore eliminates cryptocurrency ATMs

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Irina Ionescu

27 Jan 2022 / 5 Min Read

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. 
Countries:
II

Irina Ionescu

27 Jan 2022 / 5 Min Read

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