🔊🔊 Crypto News

The Monetary Authority of Singapore  has released a new money laundering risk assessment report labeling crypto tokens and service providers under “high risk” financial sectors.

“There has been an increase in reported cases involving digital payment tokens (DPTs) and there is a range of ways in which DPTs can be exploited,” the report read.

Singapore saw the most serious, if not the worst case in money laundering (ML) in September 2023. Per reports, cryptos worth $3.8 million was withdrawn from the Binance account of one of the accused in the case, while he was still in remand.

Angela Ang, TRM’s Senior Policy Advisor and former MAS Deputy Director stressed that the magnitude of the case is historic.

“The inclusion of cryptos in laundering efforts show how crypto increasingly features as a component in large financial crime cases.”

In April, MAS tightened its crypto regulatory oversight to encourage the productive use of blockchain technology, while addressing ML risks.