The Monetary Authority of Singapore (MAS) has reiterated that cryptocurrency exchanges need to conform to restrictions on Russian users imposed over Moscow’s invasion of Ukraine. The reminder comes after researchers established that pro-Russia activists have raised millions of dollars in digital assets to support its war effort.
Singapore Says Measures Targeting Russia Apply to All Financial Institutions, Including Crypto Exchanges
Compliance with financial sanctions on Russia is a must for licensed cryptocurrency exchanges, the Monetary Authority of Singapore (MAS) commented for local media on Monday. The statement comes after recent studies found that pro-Russian groups have received crypto donations worth millions of U.S. dollars to fund Russian military operations in Ukraine.
Following Russia’s invasion in late February, MAS introduced in March financial measures aimed at designated Russian banks, entities, and activities, including fundraising benefiting the Russian government
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