Crypto and DeFi cannot circumvent Russia financial sanctions: MAS

The regulator said appropriate measures will be taken for FIs who will breach these sanctions.

The Monetary Authority of Singapore has reaffirmed that financial sanctions on Russia cannot be circumvented through cryptocurrencies or decentralised finance (DeFis) as financial institutions are required to comply with the ordered sanctions regardless of whether transactions are facilitated using traditional financial channels, or through cryptocurrency exchanges or “decentralised finance” protocols.

This was in response to MP for Bishan-Toa Payoh GRC Saktiandi Supaat who asked whether Singapore’s regulation of cryptos and DeFi will prevent sanctioned individuals and companies from using non-traditional forms of finance to circumvent it and whether MAS has plans to introduce or revise its regulations.

MAS said the sanctions by the Singapore government will apply to all FIs in Singapore, including digital payment token (DPT) service providers.

“MAS requires all FIs to ensure compliance with the measures, regardless of whether transactions are facilitated using traditional financial channels, or through cryptocurrency exchanges or “decentralised finance” protocols. To guard against circumvention, these financial measures specifically prohibit DPT transactions that may be used to facilitate any prohibited activity or transaction. In short, FIs will not enable sanctioned parties to use non-traditional forms of finance to bypass the measures,” Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS said.

Shanmugaratnam added that all FIs are required to demonstrate their compliance with the financial measures to MAS and are subject to MAS’ scrutiny and inspection.

“MAS will take appropriate regulatory actions against FIs found to have breached these financial measures,” Shanmugaratnam said.

You May Also Like:

MAS, BIS develop prototype supervisory analytics platform

Thailand bars use of cryptos as mode of payment

Supporting multinationals to uncover ambitions in Asia

Follow the link s for more news on

MAS

Cryptocurrency Russia Sanctions

DeFi Russia Sanctions

Singapore financial institutions on Russia sanctions

Also Read

WeLab Bank disbursed HK$61.56m subsidies for HS Chau Foundation

Mizuho lists Saudi Arabia ETF on Tokyo Stock Exchange

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit