The Monetary Authority of Singapore (MAS) has expanded its unilateral financial measures against Russia by including crypto exchanges and services. This is an ongoing effort to prevent the Kremlin from exploiting loopholes in the financial sanctions.
The new measures include banks, finance companies, capital market intermediaries, insurers, security exchanges, and payment service providers. Singapore’s central bank has banned cryptocurrency services and providers from engaging in crypto transactions to Russia. This move comes a day after Singapore announced new guidelines on crypto trading.
A spokesperson for MAS said the central bank has been warning the public against investing in cryptocurrencies. The institution sees cryptocurrencies to be highly risky as investment products. As such, it believes digital assets are not suitable for the general public. The spokesperson also pointed out that some jurisdictions have taken measures in regard to advertisements by crypto firms.
Singapore’s Ministry of Foreign Affairs, on Sunday, had said that for a small state like Singapore, it’s a dangerous precedent. It explained this as one of the major reasons behind Singapore’s strongly condemning Russia’s unprovoked attack on Ukraine. It should be noted that Singapore rarely imposes sanctions on other countries in the absence of binding UN Security Council approval.
Furthermore, the island state’s banks have already restricted trade financing for Russian raw materials. They have also stopped issuing letters of credit in US dollars for trades involving oil and liquified natural gas (LNG).
