Singapore raises risk factor for crypto trading platforms from medium-low to medium-high

BlockBeats news, on July 2, according to the Monetary Authority of Singapore (MAS) update to the terrorist financing law, the country raised the risk level of cryptocurrency trading platforms from medium-low to medium-high.

This update is intended to prevent terrorist organizations and groups from taking advantage of Singapore's economic openness as an international financial, commercial and transportation hub to carry out terrorist purposes. According to the latest update, the risk level of cryptocurrency trading platforms known as digital payment token (DPT) service providers has been raised from medium-low to medium-high, and cross-border online payments remain at high risk because they are identified as potential new channels for terrorist financing activities.