Singapore increases risk factor for cryptocurrency exchanges from low to medium high
2024-07-02 12:03:49
Under singapore monetary authority mas terrorism terrorism financing actdesk3cryptocurrencydesktopCrypto News
The country has raised the risk level of cryptocurrency trading platforms from medium-low to medium-high, according to an update to its terrorism financing laws by the Monetary Authority of Singapore (MAS). It is learnt that the update aims to prevent terrorist organisations and groups from exploiting Singapore's economic openness as an international financial, commercial and transport hub for terrorist purposes. According to the latest update, the risk level of cryptocurrency trading platforms known as digital payment token (DPT) service providers has been raised from medium-low to medium-high, and cross-border online payments remain at high risk as they are identified as potential new channels for terrorist financing activities.
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