Trends
Singapore ups the risk factor for cryptocurrency exchanges
OUR TAKE MAS has been actively involved in the regulation of the digital asset market. A few months ago, Singapore regulators expand the scope of regulated payment services to include digital token service providers, bringing digital assets under user protection laws.–Zora Lin, BTW reporter What hap…
Headline
OUR TAKE MAS has been actively involved in the regulation of the digital asset market. A few months ago, Singapore regulators expand the scope of regulated payment services to include digital token service providers, bringing digital assets under user protection laws.–Zora Lin,…
Context
OUR TAKE MAS has been actively involved in the regulation of the digital asset market. A few months ago, Singapore regulators expand the scope of regulated payment services to include digital token service providers, bringing digital assets under user protection laws. –Zora Lin, BTW reporter Following an update to Singapore’s Combating the Financing of Terrorism Act (CFT), the Monetary Authority of Singapore (MAS) has raised the risk level for cryptocurrency trading platforms from medium low to medium high. The update aims to prevent terrorist organisations and groups from taking advantage of Singapore’s economic openness as an international financial, business and transport hub for terrorist purposes.
Evidence
Pending intelligence enrichment.
Analysis
The risk level for cryptocurrency trading platforms, known as Digital payment token (DPT) service providers, has risen to medium-high, with cross-border online payments remaining at high risk as they have been identified as potential new channels for terrorist financing activities. According to Singapore’s latest Anti-Money Laundering National Risk Assessment, DPT service providers have serious risks and vulnerabilities in anti-money laundering. Also read: Silicon Box in Italy: Singapore startup to build $3.4B semiconductor hub Also read: Cryptocurrency: Policy shifts and market trends
Key Points
- The Monetary Authority of Singapore (MAS) has raised the risk level for cryptocurrency trading platforms from medium low to medium high.
- According to Singapore’s latest Anti-Money Laundering National Risk Assessment, DPT service providers have serious risks and vulnerabilities in AML.
Actions
Pending intelligence enrichment.
