Singapore raises risk rating for cryptocurrency exchanges from medium-low to medium-high

Singapore's Monetary Authority (MAS) has updated its terrorism financing laws, raising the risk level of cryptocurrency trading platforms from medium-low to medium-high. The update aims to prevent terrorist organizations from using Singapore's economic openness as an international financial, commercial, and transportation hub to carry out terrorist activities. According to the latest update, the risk level of cryptocurrency trading platforms, known as Digital Payment Tokens (DPT) service providers, has been raised from medium-low to medium-high, and cross-border online payments are still considered high-risk because they are identified as potential new channels for terrorist financing activities.