{"id":83262,"date":"2024-07-02T08:40:48","date_gmt":"2024-07-02T12:40:48","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=83262"},"modified":"2024-07-02T08:40:51","modified_gmt":"2024-07-02T12:40:51","slug":"singapore-increases-risk-level-for-crypto-exchanges","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/singapore-increases-risk-level-for-crypto-exchanges\/","title":{"rendered":"Singapore Increases Risk Level for Crypto Exchanges"},"content":{"rendered":"\n

The Monetary Authority of Singapore<\/a> (MAS) has revised the country's Terrorism Financing regulations, increasing the risk level for crypto exchange platforms from medium-low to medium-high.<\/p>\n\n\n\n

\"Singapore
Singapore Increases Risk Level for Crypto Exchanges<\/figcaption><\/figure>\n\n\n\n

The Singaporean regulator published an update to the country's National Risk Assessment (NRA) and National Strategy for Countering the Financing of Terrorism (CFT) on July 1.<\/p>\n\n\n\n

The purpose of the update is to prevent terrorist groups and organizations from utilizing Singapore's economic openness as an international financial, business, and transport hub for terrorist purposes.<\/p>\n\n\n\n

The new update has elevated crypto exchange platforms, called Digital Payment Token (DPT) service providers, from Medium-Low to Medium-High risk. Cross-border online payments are still considered high-risk due to their identification as a potential new channel for TF activities.<\/p>\n\n\n\n

The most recent advancement for crypto platforms occurred weeks after a report identified digital payment tokens as high-risk. In the context of anti-money laundering<\/a> (AML), digital payment token (DPT) service providers pose significant risks and vulnerabilities, as per the most recent Singaporean money laundering national risk assessment (MLNRA).<\/p>\n\n\n\n

\"Key
Key findings of the MLNRA in the AML landscape. Source: Ministry of Finance, Singapore<\/figcaption><\/figure>\n\n\n\n

Singapore cryptocurrency regulation<\/h2>\n\n\n\n

Under the country's current regulations, MAS has been actively regulating the digital asset market. A few months have passed since the Singapore regulator broadened the definition of regulated payment services to encompass digital token services providers, thereby subjecting digital assets to the user protection law. The most recent development regarding crypto platforms occurs in this context.<\/p>\n\n\n\n

The law empowered MAS to impose more stringent requirements on DPT service providers in Anti-Money Laundering and Countering the Financing of Terrorism, user protection, and financial stability.<\/p>\n\n\n\n

Additionally, it enabled DPTs to offer crypto transfer services both within and across the country and provide custodial services.<\/p>\n\n\n\n

One of the nations considered pro-crypto is Singapore, which has a high rate of crypto adoption. Singapore has an adoption rate of 11.2%, whereas the global crypto ownership rate is approximately 4.2%. Singaporean regulations refer to digital currencies as digital payment tokens\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> (DPTs).<\/p>\n\n\n\n

MAS has recognized Bitcoin and Ether as cryptocurrencies, granting them the same legal status as other asset types in Singapore.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Monetary Authority of Singapore (MAS) has revised the country’s Terrorism Financing regulations, increasing the risk level for crypto exchange platforms from medium-low to medium-high. The Singaporean regulator published an update to the country’s National Risk Assessment (NRA) and National Strategy for Countering the Financing of Terrorism (CFT) on July 1. The purpose of the […]<\/p>\n","protected":false},"author":12,"featured_media":23106,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[5847,20337,20123,931],"class_list":["post-83262","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-crypto-exchanges-2","tag-dpt","tag-mlnra","tag-singapore"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/04\/image-21.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/83262","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=83262"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/83262\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/23106"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=83262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=83262"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=83262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}