Singapore to Regulate Bitcoin Exchanges and ATMs
The Monetary Authority of Singapore (MAS) is to regulate virtual currency intermediaries in order to address potential money laundering and terrorist financing risks. A statement from MAS said the anonymous nature of virtual currency transactions leave them particularly vulnerable to these risks. In response, MAS is introducing regulations requiring intermediaries that operate virtual currency exchanges and vending machines to verify the identities of their customers. They will also be required to report any suspicious transactions to the Suspicious Transaction Reporting Office. Ong Chong....
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Cryptocurrency ATMs have closed down in Singapore following the guidelines issued by the central bank, the Monetary Authority of Singapore (MAS). “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,” said one crypto ATM operator. Crypto ATMs Shut Down in Singapore to Comply With the Central Bank’s Guidelines Cryptocurrency ATMs are closing down in Singapore to comply with new regulations published Monday by the central bank, the Monetary Authority of Singapore (MAS).....
The government’s plan to regulate cryptocurrency exchanges in Hong Kong could mean ATMs may also be off-limits, the group claims.
The move is part of a broader effort by the Singaporean watchdog to regulate advertising cryptocurrency to the public. The Monetary Authority of Singapore has reportedly decided to shut down cryptocurrency automatic teller machines in the city-state.According to Bloomberg, to comply with new regulations issued by the Monetary Authority of Singapore (MAS), Singapore’s central bank, cryptocurrency ATM operators in the country were forced to shut down their operations on Tuesday.The new clampdown on cryptocurrency ATMs sparked several reactions from the city’s cryptocurrency operators, with....
There is a new player in the world of bitcoin ATMs, Singapore-based Tembusu Terminals. The company has just installed Singapore's first permanent bitcoin ATM at a bar in the Boat Quay district. Tembusu says it is talking to other merchants who would like to install the company's ATMs, too. Earlier this month, Bitcoiniac announced it would install Robocoin ATMs in London and Singapore by mid-March. It appears that Tembusu has beaten the Vancouver-based outfit to the punch. Flexible design. The Tembusu ATM was designed and built in Singapore. It features several security and anti-theft....
Bitcoin can be regulated in a number of ways and control of the operators is the choice that Singapore officials decided to make. So, looks like Singapore government decided to put all paperwork in the hands of the Bitcoin traders. Quite convenient indeed, why regulate transactions if one can just take a sneak peek at those who commit the acts of turning fiat into digital coins and back. This idea came from the Monetary Authority of Singapore (MAS) previous Thursday. Ong Chong Tee, the Managing Deputy Director has supported the government’s intention with a warning statement that users of....