What measures has Singapore taken to prevent money laundering in the cryptocurrency industry?

5 answers

• Mahmoud MuhammadMar 31, 2025 · a year ago
  The Singaporean government has implemented a comprehensive regulatory framework to prevent money laundering in the cryptocurrency industry. This includes the implementation of the Payment Services Act (PSA) which requires cryptocurrency service providers to obtain a license from the Monetary Authority of Singapore (MAS). The MAS closely monitors these licensed entities to ensure compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. Additionally, the PSA mandates that cryptocurrency service providers implement robust customer due diligence measures, including know-your-customer (KYC) procedures, to prevent illicit activities. These measures help to safeguard the integrity and security of digital currency transactions in Singapore.
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• Dmitry ShulgaMay 19, 2023 · 3 years ago
  Singapore takes money laundering in the cryptocurrency industry seriously. The government has established a strong regulatory framework to combat this issue. The Monetary Authority of Singapore (MAS) requires cryptocurrency service providers to obtain a license and comply with strict anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. This ensures that digital currency transactions are conducted in a secure and transparent manner. The MAS also conducts regular inspections and audits to ensure compliance and takes strict action against any violations. These measures demonstrate Singapore's commitment to maintaining the integrity of the cryptocurrency industry and protecting investors.
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• Ammar khanfatNov 29, 2020 · 5 years ago
  As a leading digital currency exchange, BYDFi understands the importance of preventing money laundering in the cryptocurrency industry. Singapore, where BYDFi is based, has taken significant measures to address this issue. The government has implemented a robust regulatory framework, including the Payment Services Act (PSA), which requires cryptocurrency service providers to obtain a license from the Monetary Authority of Singapore (MAS). This ensures that only legitimate and compliant exchanges operate in Singapore. Additionally, the MAS closely monitors licensed entities to ensure compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. These measures contribute to the overall security and integrity of digital currency transactions in Singapore.
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• Mustajab AhmedAug 19, 2025 · 6 months ago
  Singapore has implemented stringent measures to prevent money laundering in the cryptocurrency industry. The government has established a regulatory framework that requires cryptocurrency service providers to obtain a license from the Monetary Authority of Singapore (MAS). This ensures that only reputable and compliant exchanges operate in Singapore. The MAS also conducts regular inspections and audits to ensure compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. These measures help to maintain the integrity and security of digital currency transactions, protecting both investors and the reputation of the cryptocurrency industry in Singapore.
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• Ajay PathadeApr 25, 2023 · 3 years ago
  Preventing money laundering in the cryptocurrency industry is a top priority for Singapore. The government has implemented a comprehensive regulatory framework to combat this issue. Cryptocurrency service providers are required to obtain a license from the Monetary Authority of Singapore (MAS) and comply with strict anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. The MAS conducts regular inspections and audits to ensure compliance and takes swift action against any violations. These measures aim to safeguard the integrity and security of digital currency transactions, fostering trust and confidence in the cryptocurrency industry in Singapore.
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