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.”
“Digital payment token service providers are therefore specifically prohibited from facilitating transactions that could aid the circumvention of the financial measures,” MAS says.
Russians in other jurisdictions are reportedly trying to liquidate their crypto holdings and acquire other kinds of assets.
In addition, financial institutions are required to provide MAS with information related to funds, assets and transactions linked to the designated banks and entities.
See also: Russia resumes Ukraine grain-export deal in abrupt reversal
According to MAS, four of the designated banks are VTB Bank Public Joint Stock Company; The Corporation Bank for Development and Foreign Economic Affairs Vnesheconombank; Promsvyazbank Public Joint Stock Company and Bank Rossiya.
Designated entities, meanwhile, refers to companies delivering military-related goods or telecommunication and electronics goods to Russia.
Photo: Samuel Isaac Chua of The Edge Singapore
