Bitcoin ATMs Shut Down In Singapore After MAS Curbs Crypto Advertising
2022年1月19日 - 10:20PM
NEWSBTC
Financial service regulator – Monetary Authority of Singapore has
issued fresh guidelines to limit crypto trading by the public. It
has also taken a firm stance and asked cryptocurrency companies to
eschew advertising or showcasing their products to the general
public. MAS substantiated their decision by stating reasons which
were purely risk-oriented. The guideline stated and clarified that
Digital Payment Token service providers “should not portray the
trading of DPTs cryptocurrencies in a manner that trivializes the
high risks of trading in DPTs, and should not promote their DPT
services in public areas in Singapore or through any other media
directed at the general public in Singapore”. “Highly Risky
And Not Suitable For The General Public” The Central Bank affirmed
that such services are “highly risky and not suitable for the
general public”. It implied that the broadcasting of cryptocurrency
through traditional media such as newspapers and magazines must
also cease to exist. On Tuesday, MAS declared that it would
be outlawing crypto-to-cash terminals, thus, sealing all crypto
ATMs in Singapore. Daenerys & Co, which is one of the
biggest crypto ATM operators with five crypto ATMs spread across
the city had acted in accordance with the guidelines. Another rival
ATM operator, Deodi also complied with the Central Bank’s order and
ceased its only ATM. Related Reading | Intel To Present Low
Voltage, Energy Efficient Bitcoin Mining Chip At Conference This
recent regulatory clamp from the MAS cropped up amidst the growing
popularity of the blockchain industry with new investors joining
the ecosystem each day. Although MAS quoted that “MAS strongly
encourages the development of blockchain technology and innovative
application of crypto tokens in value-adding use cases.”; the
cryptocurrency market in Singapore continues to reel under a
significant number of regulatory milestones. Recently, Coincub, a
fintech start-up in one of their rankings, called Singapore the
world’s most friendly cryptocurrency economy. Singapore in the past
had been quite liberal in terms of cryptocurrency adoption with an
undemanding and positive legislative environment. Currently, the
reality looks quite different, so to say. Bitcoin's growth is
concerning regulators | Source: BTCUSD on TradingView.com MAS
Believes Bitcoin ATMs Let People Trade “On Impulse” MAS believes
that ATMs facilitated a seamless and convenient transaction of
cryptocurrencies such as Bitcoin and Ethereum. This could cause
people to trade “on impulse”. This notion caused regulators to
mandate the clampdown of ATMs all across the city. In regards to
crypto regulations, Singapore isn’t the only name on the list. In
December 2021, Britain outlawed advertisements from seven such
crypto firms as they were “irresponsibly taking advantage of
consumers’ inexperience and for failing to illustrate the risk of
the investment”. Spain had also led a crackdown on cryptocurrency
promotions recently. Singapore’s regulatory escalation comes after
Bitcoin’s prices nosedived almost 40% after BTC soared to new
heights in November 2021. Related Reading | Green Energy: In
NY, Bitcoin Mining Saved The Oldest Working Hydroelectric Plant
Cryptocurrency is not only a volatile asset but has also enabled a
wide spectrum of fraud associated with digital assets. In recent
times, cryptocurrency has facilitated money laundering and
terrorism funding among other illegal activities. “Digital payment
token service providers in Singapore have to comply with
requirements to mitigate such risks, including the need to carry
out proper customer due diligence, conduct regular account reviews,
and monitor and report suspicious transactions,” stated MAS
spokesperson. Featured image from iStockPhoto, Charts from
TradingView.com
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