On Monday (January 17), the financial regulator of one of the world\u2019s most crypto-friendly nations, the Monetary Authority of Singapore (\u201cMAS\u201d), published PS-G02, which was titled \u201cGuidelines on Provision of Digital Payment Token Services to the Public\u201d. <\/p>\n
In the Introduction part of this document, the MAS pointed out that it has \u201cconsistently warned the public that the trading of digital payment tokens (\u2018DPTs\u2019) or commonly referred to as cryptocurrencies) is highly risky and not suitable for the general public. The public should not be encouraged to engage in the trading of DPTs.\u201d It went on to say that \u201cDPT service providers should conduct themselves with the understanding that trading of DPTs is not suitable for the general public.\u201d<\/p>\n
Section three of the document, which was titled \u201cProvision of DPT services in public areas\u201d, had this to say about crypto ATMs (such as those that allow buying and selling of Bitcoin):<\/p>\n
\u201cProviding in-person access to DPT services in public areas through the use of automated teller machines (\u201cATMs\u201d) is a form of promotion of DPT services to the public. Such convenient access may mislead the public to trade in DPTs on impulse, without considering the risks of trading in DPTs. DPT service providers should not provide physical ATMs in public areas in Singapore to facilitate public access to their DPT services.<\/em>\u201c<\/p>\n According to a report published by Fortune earlier today, the following day, the operators of such machines were forced to shut them down. The Fortune report said that, for example, Deodi Pte. Ltd. quickly turned off its ATM network and sent staff to remove its ATMs from shopping centers across the country.<\/p>\n As for the UK, on Tuesday (January 18), BBC News reported that HM Treasury, which is the UK government\u2019s economic and finance ministry, was planning to new regulations to deal with misleading cryptoasset advertising.<\/p>\n Here were the three main takeaways from HM Treasury\u2019s press release:<\/p>\n Chancellor of the Exchequer, Rishi Sunak, had this to say:<\/p>\n\n