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MAS bans crypto firms from handling Russian-linked transactions trying to circumvent sanctions

The Edge Singapore
The Edge Singapore3/14/2022 09:15 PM GMT+08  • 2 min read
MAS bans crypto firms from handling Russian-linked transactions trying to circumvent sanctions
Russians in other jurisdictions are reportedly trying to liquidate their crypto holdings and acquire other kinds of assets.
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Singapore’s central bank has specifically prohibited crypto service providers here from facilitating transactions meant to circumvent sanctions imposed by Singapore because of Russia’s invasion of Ukraine.

In a notice issued to financial institutions here, the Monetary Authority of Singapore has prohibited them against dealing with designated banks and designated entities. The financial institutions here are to also freeze their assets.

“These measures apply to all financial institutions in Singapore, including banks, finance companies, insurers, capital markets intermediaries, securities exchanges, and payment service providers.”

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