Singapore’s central bank says restrictions targeting Russia apply to crypto service providers.
The Monetary Authority of Singapore 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.
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 , a TV channel owned by the national broadcaster Mediacorp, the bank insisted:
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.
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