According to Odaily, Singapore's Monetary Authority (MAS) has updated its terrorism financing laws, raising the risk level for cryptocurrency trading platforms from medium-low to medium-high. This update aims to prevent terrorist organizations and groups from exploiting Singapore's economic openness as an international financial, commercial, and transportation hub for terrorist purposes.
With the latest update, the risk level for cryptocurrency trading platforms, known as Digital Payment Token (DPT) service providers, has been elevated from medium-low to medium-high. Cross-border online payments remain at high risk as they have been identified as potential new channels for terrorist financing activities.