The update aims to prevent Terrorist groups and organizations from exploiting Singapore’s economic openness as an international financial, business, and transport hub.
The Monetary Authority of Singapore (MAS) has increased the risk level for crypto exchange platforms from medium-low to medium-high under an update to the country’s Terrorism Financing laws.
On July 1, the Singaporean regulator issued an update to the country’s Terrorism Financing (TF) National Risk Assessment (NRA) and National Strategy for Countering the Financing of Terrorism (CFT).
The update aims to prevent Terrorist groups and organizations from exploiting Singapore’s economic openness as an international financial, business, and transport hub for TF purposes.