The Financial Authority of Singapore (MAS) elevated the danger degree of Digital Cost Token (DPT) service suppliers in its newest Counter-Terrorism regulation replace.
On July 1, the MAS raised the danger degree of DPTs to medium-high from medium-low as a part of its evaluate of the Asian nation’s Terrorism Financing Nationwide Danger Evaluation (NRA) and Nationwide Technique for Countering the Financing of Terrorism.
Moreover, the MAS additionally recognized “cross-border on-line funds” and “cross-border quick cost techniques” as potential new channels for terrorist funding actions.
It cited the evolving nature of terrorism financing as the rationale for the up to date evaluation and technique. The watchdog goals to forestall terrorists from exploiting Singapore’s standing as a world monetary, financial, and transport hub.
The regulator emphasised the necessity for vigilance, stating:
“Terrorist actors might exploit Singapore’s financial openness as a world monetary, enterprise, and transport hub for terrorist funding functions. There’s subsequently a necessity for fixed vigilance. Moreover, as the worldwide terrorism panorama evolves, Singapore’s terrorist funding dangers will evolve too, therefore this refreshed evaluation and technique.”
Singapore’s largest financial institution to custody Paxos stablecoin
In a parallel growth, Singapore’s largest financial institution, DBS Group, will custody stablecoin property issued by Paxos Digital Singapore Pte. Ltd, the MAS-licensed subsidiary of Paxos. The lender is decidedly pro-crypto and silently grew to become one of many largest holders of Ethereum.
Paxos selected DBS as the first banking companion for money administration and stablecoin custody. Evy Theunis, head of digital property at DBS, defined that the banking large will assist stablecoin issuers meet the sturdy requirements regulators and clients anticipate. He mentioned:
“Having examined all related elements that include managing reserve property, stablecoin issuers will discover that our options will assist them meet the sturdy requirements regulators and clients anticipate from them.”
Over the previous yr, Singapore has sought to leverage blockchain know-how to boost its standing as a world monetary hub. Consequently, the nation is understood for its pro-crypto stance and excessive adoption charge.