Pexels.com/Evgenia Kirpichnikova
Main page News, Singapore, Regulations, Cryptocurrency
Hot topic
Nov. 1, 2022

Cryptocurrency business in Singapore should comply with sanctions against Russia, as the country tries to circumvent them with digital assets, the Monetary Authority of Singapore (MAS) said on Monday.

Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world

According to a report from Channel NewsAsia, all financial institutions in Singapore, including digital payment token service providers (DPTSP) licensed to operate in Singapore have to comply with sanctions. A spokesperson for the regulator said:

"For instance, DPTSPs have to perform customer due diligence to identify and verify the identities of their customers and the customers' beneficial owners, and screen their customers and their transacting counterparties."

Although Singapore is open to digital innovations, crypto-focused businesses are required to "have robust ongoing monitoring" to register potential attempts to evade sanctions, the spokesperson added.

Kraken Bans Russian Users from Opening Accounts

In October, head of the Finance Ministry's Financial Policy Department, Ivan Chebeskov, said in an interview with a local news outlet that Russian companies had started carrying out cross-border settlements using cryptocurrencies.

While Chebeskov declined to elaborate on what companies turned to crypto, he noted that the volume has increased after Russia has become the world's most-sanctioned nation.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

Read also:
Strawberry Cake Media Corp. © 2024 Cookie Policy Editorial team Archive

ihodl.com is an illustrated edition about cryptocurrencies and financial markets.
Every day we publish the best materials for everyone interested in economy.