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Singapore Raises Risk for Crypto Exchanges in Latest AML/CFT Update

Jul 2, 2024

Singapore Raises Risk for Crypto Exchanges in Latest AML/CFT Update
Singapore Raises Risk for Crypto Exchanges in Latest AML/CFT Update
Singapore Raises Risk for Crypto Exchanges in Latest AML/CFT Update

Singapore has tightened regulations on crypto exchanges to enhance anti-money laundering (AML) and countering the financing of terrorism (CFT) measures. The Monetary Authority of Singapore (MAS) recently updated its Terrorism Financing National Risk Assessment, elevating crypto exchange platforms' risk level from medium-low to medium-high. This move aims to safeguard Singapore's status as a global financial hub by preventing exploitation for terrorist financing. The MAS has expanded regulatory oversight to include digital token service providers, ensuring compliance with stringent AML/CFT requirements and enhancing user protection and financial stability measures. Singapore, known for its supportive stance on cryptocurrencies, recognizes Bitcoin (BTC) and Ether (ETH) as legal digital payment tokens under its laws.