Singapore authorities changed the rules for risk assessment of cryptocurrency exchanges and exchanges

On Monday, July 1, the Monetary Authority of Singapore released an updated version of the National Terrorist Financing Risk Assessment (NFR) and National Terrorist Financing Strategy (TFS) criteria. Under the new rules for assessing potential risks, Digital Payment Token (DPT) service providers conducting transactions domestically have been assigned a medium-high risk level in the national regulator's grading system.

Companies providing cross-border online payment services to crypto investors have fallen into the highest risk zone possible. As they are identified by MAS as a potential conduit for illegal activities related to money laundering.

"Maintaining Singapore's reputation as a trusted financial center is important to our development," explained MAS' Director of Anti-Money Laundering, Thong Leng Yeng.

MAS's new risk assessment criteria will require bankers and participants in Singapore's crypto market to tighten financial controls and identify suspicious transactions in a timely manner. For example, related to the use of transit accounts and dropper services by criminals.

Earlier, the Singaporean authorities amended the Payment Services Act to oblige Singaporean cryptocurrency companies to register with MAS, ensuring the separation of client assets from their own funds. And also to submit accounting reports and have technical tools to ensure the safety of digital assets.