Singapore raises the risk coefficient of cryptocurrency trading platforms from medium-low to medium-high

ChainCatcher message, according to the update from the Monetary Authority of Singapore (MAS) on the Anti-Money Laundering and Countering the Financing of Terrorism Act, the risk level of cryptocurrency trading platforms in the country has been raised from medium-low to medium-high.

This update aims to prevent terrorist organizations and groups from exploiting Singapore's economic openness as an international financial, commercial, and transportation hub to carry out terrorism purposes. According to the latest update, the risk level of cryptocurrency trading platforms, referred to as Digital Payment Token (DPT) service providers, has been elevated from medium-low to medium-high, while cross-border online payments remain in a high-risk status as they have been identified as potential new channels for terrorist financing activities.