Triggering Impulsive Trading, Singapore Orders Crypto ATMs Offline For A While

Crypto ATMs, in Singapore temporarily need to be offline. (photo: doc. unsplash)

JAKARTA – Crypto ATM machines in Singapore, which provide a convenient platform for digital token trading, are currently offline. The inoperability of a number of crypto ATMs is because the country's central bank is currently limiting advertising for crypto consumers.

Cryptocurrency ATMs as long as they allow users to trade digital payment tokens (DPT) such as Bitcoin and Ether for fiat money, or other government-issued currencies.

The Monetary Authority of Singapore (MAS) in new guidelines announced on Monday, January 17 said such easy access could mislead the public into trading "impulsively".

Daenerys & Co., the city-state's largest crypto ATM operator, has closed all of its crypto ATMs to comply with the government's guidelines although it said it was surprised by the decision.

"To comply with the sudden announcement, we have stopped offering to buy or sell services through our five ATMs while seeking further clarification from MAS," Daenerys said in response to a Reuters question.

Another crypto ATM operator, Deodi Pte, said on its website that it had also closed its sole ATM in accordance with existing guidelines.

Both Daenerys and Deodi are among the more than 100 companies that have applied for a license to MAS to offer DPT services.