Fun

Crypto Exchanges Must Comply With Russia Sanctions, Singapore Central Bank Says

News Feed - 2022-11-03 03:11:43

Crypto Exchanges Must Comply With Russia Sanctions, Singapore Central Bank Says


The Monetary Authority of Singapore (MAS) has reiterated that cryptocurrency exchanges need to conform to restrictions on Russian users imposed over Moscow’s invasion of Ukraine. The reminder comes after researchers established that pro-Russia activists have raised millions of dollars in digital assets to support its war effort. Singapore Says Measures Targeting Russia Apply to All Financial Institutions, Including Crypto Exchanges


Compliance with financial sanctions on Russia is a must for licensed cryptocurrency exchanges, the Monetary Authority of Singapore (MAS) commented for local media on Monday. The statement comes after recent studies found that pro-Russian groups have received crypto donations worth millions of U.S. dollars to fund Russian military operations in Ukraine.


Following Russia’s invasion in late February, MAS introduced in March financial measures aimed at designated Russian banks, entities, and activities, including fundraising benefiting the Russian government. Responding to queries from Channel News Asia (CNA), a TV channel owned by the national broadcaster Mediacorp, the bank insisted: These measures apply to all financial institutions in Singapore, including digital payment token service providers (DPTSPs) licensed to operate in Singapore.


The regulator did not specify if it had received any reports of exchanges being used to channel cryptocurrency to pro-Russian groups. Nevertheless, the authority emphasized that crypto service providers must have robust controls in order to avoid dealing with sanctioned banks and banned activities.


The MAS pointed out that these platforms should perform customer due diligence to verify the identities of their customers and screen their transacting counterparties. DPTSPs are also required to monitor for potential attempts to evade the prohibitions such as the use of mixers and tumblers, the central bank elaborated.


A report released by the blockchain forensics firm Chainalysis in July, identified more than 50 organizations that had collected over $2.2 million worth of cryptocurrency to support the Russian side in the Ukraine war. Andrew Fierman, head of sanctions strategy at the company, now told CNA that crypto donations, used to buy anything from drones to bulletproof vests, have already reached $4.8 million.


According to research published in October by another crypto tracing platform, TRM Labs, as of Sept. 22 the pro-Russian groups had raised $400,000 since the start of Russia’s invasion on Feb 24 this year. Some of these organizations and activists have already been placed under Western sanctions.


While Singapore has welcomed the adoption of cryptocurrencies as they play a supporting role in the digital asset ecosystem, the city-state is also seeking to reduce risks for retail crypto investors through tighter regulations proposed last week by the MAS. Among the suggested measures are a risk awareness assessment for investors and a ban on the use of borrowed funds for crypto trading. Tags in this story ban, Central Bank, circumvention, Crypto, crypto exchanges, crypto platforms, Cryptocurrencies, Cryptocurrency, evasion, fundraising, Groups, MAS, Measures, monetary authority, pro-Russian, prohibition, restrictions, Russia, russian, Sanctions, service providers, Singapore, Ukraine, War


Do you expect Singapore to take additional measures to prevent sanctions evasion through crypto-platforms licensed in its jurisdiction? Tell us in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Moneygram Enables Customers to Buy and Sell Cryptocurrency via Its Money Transfer App EXCHANGES | 6 hours ago Mercado Pago Launches Cryptocurrency Trading Services in Mexico EXCHANGES | 3 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSouth Africa Retailer Pick n Pay Now Accepts Payment in Bitcoin at 39 Outlets Next articleNatural Gas Price Hike Hits Crypto Miners in Iran Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework


Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

News Feed

Kraken-CertiK saga turns murky as part of exploited funds go ‘missing’
Prashant Jha5 hours agoKraken-CertiK saga turns murky as part of exploited funds go ‘missing’Kraken is planning to take legal action against security firm CertiK as the “white hat” operation by the security firm
Ethereum validator P2P.org hits $7.5B TVL, adds new SaaB model
Helen Partz10 hours agoEthereum validator P2P.org hits $7.5B TVL, adds new SaaB modelP2P.org’s new SaaB model aims to help businesses better handle staking functionalities, promotion and revenue generation.1512 Total v
Tom Mitchelhill3 hours agoPlay-to-earn games are the reason ‘real’ gamers hate crypto: Atari founderCrypto games have garnered a bad reputation among traditional gamers, but the future of Web3 games and blockchain-ba
Research Finds Bitcoin Mining Equates to 0.10% of Global Greenhouse Gas Emissions
Research Finds Bitcoin Mining Equates to 0.10% of Global Greenhouse Gas Emissions According to a recent report published by the Cambridge Centre for Alternative Finance (CCAF), bit
Bitcoin Bar ‘Room 77’ Shuts Down
Bitcoin Bar "Room 77" Shuts Down Room 77, the German bar and restaurant that claims to be the first retail outfit in the world to accept bitcoin payments, has sh
Bitcoin 5% flash crash leads to $165M in leveraged crypto liquidations
Tom Mitchelhill3 hours agoBitcoin 5% flash crash leads to $165M in leveraged crypto liquidationsLeverage traders are nursing losses of over $165 million, as the price of Bitcoin tumbled 5%.5765 Total views37 Total shares
Victoria’s Secret Files Metaverse Related Trademark Applications
Victoria"s Secret Files Metaverse Related Trademark Applications Victoria’s Secret, the renowned designer lingerie company, has filed a series of trademark patents that sugg
SEC pushes back against Terraform’s claims fraud happened outside US
Turner Wright4 hours agoSEC pushes back against Terraform’s claims fraud happened outside USLawyers for the commission cited several examples of Do Kwon touting UST to U.S. investors and Terraform’s former communicat
Win up to 3,000 USDT at LBank Exchange’s 100% Winning Event!
Win up to 3,000 USDT at LBank Exchange’s 100% Winning Event! press release PRESS RELEASE. Isn’t it always nice to know that you are guaranteed to win? It’s not a dre
Georgia to Unveil New Cryptocurrency Law by This Fall
Georgia to Unveil New Cryptocurrency Law by This Fall Authorities in Georgia are now holding discussions with industry representatives to finalize a bill designed to regulate coin
Crypto Market Turning Point — Most Cryptocurrencies Down 57% to Over 80% From Price Highs
Crypto Market Turning Point — Most Cryptocurrencies Down 57% to Over 80% From Price Highs Roughly six months ago, bitcoin and a number of digital assets reached all-time highs an
New BHUNT Malware Targets Cryptocurrency Wallets via Software Installs
New BHUNT Malware Targets Cryptocurrency Wallets via Software Installs Bitdefender, a cybersecurity and antivirus company, has detected BHUNT, a new kind of malware that targets cr