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 firmÂ Estates General, and software and hardware development studioÂ RedÂ 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 andÂ anti-Âtheft measures such as ID and thumbprint scanning for users. It will also incorporate Anti-ÂMoney Laundering (AML) features thatÂ can be adapted to meet the requirements of various regulators in different countries.
On top of accepting cash and dispensingÂ cryptocurrency, the Tembusu also sports other features such asÂ cash dispensing. In addition, Tembusu Terminals claims that the machine is very customisable, with the business owner being able toÂ 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 clientsâ preferences and choice of options,Â 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 Singaporeâs Deputy Prime MinisterÂ and Finance Minister Mr Tharman Shanmugaratnam on February 21, 2014, in which he stated that Bitcoins do not fall under the regulatory purview ofÂ the Monetary Authority of Singapore (MAS), as well as a tax advisory issued by the Inland Revenue Authority ofÂ 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.