The guidelines, which took immediate effect on Monday, prohibit digital payment token (DPT) service providers from offering public access to crypto ATMs to facilitate the trading of DPTs, better known as cryptocurrencies.
There are fewer than 10 such ATMs in Singapore.
The DPT service providers, including payment institutions, banks and other financial institutions, as well as applicants allowed to operate pending licence approval by MAS, are also not allowed to advertise their services in public spaces.
These include spaces such as public transport, public websites, social media platforms, and broadcast and print media.
In issuing the guidelines, MAS said cryptocurrency trading is highly risky and not suitable for the general public.
This story is from the January 19, 2022 edition of The Straits Times.
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This story is from the January 19, 2022 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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