Singapore Tightens Anti-Money Laundering Controls for Crypto Businesses

Singapore implements stringent Anti-Money Laundering controls for crypto businesses to combat money laundering. The Monetary Authority of Singapore clarifies its stance on crypto adoption and the use of its payment system.

Posted 8 months ago in Blockchain

Singapore's Monetary Authority of Singapore (MAS) logo

The Monetary Authority of Singapore (MAS) has clarified that the country does not have a 'crypto sandbox' but rather a sandbox that supports a broad range of fintech experimentation. This comes in response to a letter criticizing the lack of public consultation and oversight on crypto adoption in Singapore, published in the Financial Times.

The MAS clarified that all businesses with a valid bank account can access Singapore's Fast and Secure Transfers (FAST) interbank payment system, including crypto businesses. However, it emphasized that payments through FAST are in fiat currencies, not cryptocurrencies.

The regulator highlighted that rising malware scam cases in Singapore are not associated with cryptocurrencies but are more prevalent in the fiat economy. As part of its efforts to mitigate risks posed by cryptocurrencies to retail customers, the MAS recently consulted the public on a suite of regulatory measures.

Former MAS Chair Tharman Shanmugaratnam, who has historically considered crypto as risky investments, won Singapore’s presidential race. He previously warned Singapore-based users about the volatility and riskiness of crypto assets.

Last updated 9/9/2023, 3:32:04 AM


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