The Monetary Authority of Singapore (MAS) has heightened the risk assessment for cryptocurrency exchange platforms from medium-low to medium-high in accordance with the country's laws on Countering the Financing of Terrorism (CFT). The update to Singapore's Terrorism Financing National Risk Assessment (NRA) and National Strategy for Countering the Financing of Terrorism aims to safeguard against terrorist exploitation of the country's economic openness. Crypto exchange platforms, categorized as digital payment token (DPT) service providers, now face increased risk levels. The MAS, actively regulating the digital asset market, has expanded regulations to include digital token services providers, ensuring user protection. Singapore, known for its pro-crypto stance, recognizes Bitcoin and Ether as legal cryptocurrencies. With a high crypto adoption rate of 11.2%, Singapore remains at the forefront of embracing digital currencies. Read more AI-generated news on: https://app.chaingpt.org/news