TechFlow news, according to Cointelegraph, the Monetary Authority of Singapore (MAS) updated its National Terrorism Financing (TF) Risk Assessment (NRA) and National Counter-Terrorism Financing Strategy (CFT) on July 1, elevating the risk level of crypto trading platforms from medium-low to medium-high. This update aims to prevent terrorist organizations from exploiting Singapore's status as an international financial, commercial, and transportation hub for terrorism financing activities.
Under the new assessment, the risk level for crypto trading platforms—defined as Digital Payment Token (DPT) service providers—has been raised, while cross-border online payments remain classified as a high-risk channel. A previous report had already categorized digital payment tokens as high-risk. Singapore’s latest Anti-Money Laundering National Risk Assessment (MLNRA) highlights significant risks and vulnerabilities associated with DPT service providers in anti-money laundering (AML) efforts.
MAS has been actively regulating the digital asset market and expanded the scope of regulated payment services several months ago to include digital token service providers, thereby strengthening requirements for user protection and financial stability. Singapore is considered one of the more crypto-supportive jurisdictions, with a cryptocurrency adoption rate of 11.2%, significantly higher than the global average of 4.2%. Under Singaporean regulations, cryptocurrencies are referred to as Digital Payment Tokens (DPTs).
