Named the Tembusu, it will incorporate various physical security and anti-theft measures, as well as anti-money laundering features
Nearly a month ago, local cryptocurrency exchange Bitcoin Exchange announced that it will be bringing Bitcoin ATMs made by Lamassu to Singapore. Now, Tembusu Terminals, a joint venture between cryptocurrency research, consultancy firm Estates General, and software and hardware development studio Red Steed Studios, has unveiled Singapore’s first locally-designed and made Bitcoin ATM.
According to Tembusu Terminals, the machine, eponymously named the Tembusu, will have options to incorporate various physical security and anti-theft measures such as ID and thumbprint scanning for users. It will also incorporate Anti-Money Laundering (AML) features that can be adapted to meet the requirements of various regulators in different countries.
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On top of accepting cash and dispensing cryptocurrency, the Tembusu also sports other features such as cash dispensing. In addition, Tembusu Terminals claims that the machine is very customisable, with the business owner being able to outfit it with a myriad of options depending on business needs and the location where it is to be deployed.
According to Tembusu Terminal, the flexibility of the Tembusu ATM extends to its pricing and financing options as well. Depending on the clients’ preferences and choice of options, it is possible for a Tembusu ATM to be deployed without a down payment at all, subject to terms and conditions.
This announcement follows the recent parliamentary statement delivered by Singapore’s Deputy Prime Minister and Finance Minister Mr Tharman Shanmugaratnam on February 21, 2014, in which he stated that Bitcoins do not fall under the regulatory purview of the Monetary Authority of Singapore (MAS), as well as a tax advisory issued by the Inland Revenue Authority of Singapore (IRAS) on how Bitcoin transactions will be taxed in Singapore earlier this year.
Currently, Tembusu Terminals is in talks with many Bitcoin-accepting retailers, and has opened applications to parties interested to deploy the Tembusu.