Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Singapore raises risk level for digital payment token providers in counter-terrorism update

Share This Post

The Monetary Authority of Singapore (MAS) elevated the risk level of Digital Payment Token (DPT) service providers in its latest Counter-Terrorism regulation update.

On July 1, the MAS raised the risk level of DPTs to medium-high from medium-low as part of its review of the Asian country’s Terrorism Financing National Risk Assessment (NRA) and National Strategy for Countering the Financing of Terrorism.

Furthermore, the MAS also identified “cross-border online payments” and “cross-border fast payment systems” as potential new channels for terrorist funding activities.

It cited the evolving nature of terrorism financing as the reason for the updated assessment and strategy. The watchdog aims to prevent terrorists from exploiting Singapore’s status as an international financial, economic, and transport hub.

The regulator emphasized the need for vigilance, stating:

“Terrorist actors may exploit Singapore’s economic openness as an international financial, business, and transport hub for terrorist funding purposes. There is therefore a need for constant vigilance. Furthermore, as the global terrorism landscape evolves, Singapore’s terrorist funding risks will evolve too, hence this refreshed assessment and strategy.”

Singapore’s largest bank to custody Paxos stablecoin

In a parallel development, Singapore’s largest bank, DBS Group, will custody stablecoin assets issued by Paxos Digital Singapore Pte. Ltd, the MAS-licensed subsidiary of Paxos. The lender is decidedly pro-crypto and silently became one of the largest holders of Ethereum.

Paxos chose DBS as the primary banking partner for cash management and stablecoin custody. Evy Theunis, head of digital assets at DBS, explained that the banking giant will help stablecoin issuers meet the robust standards regulators and customers expect. He said:

“Having examined all relevant aspects that come with managing reserve assets, stablecoin issuers will find that our solutions will help them meet the robust standards regulators and customers expect from them.”

Over the past year, Singapore has sought to leverage blockchain technology to enhance its status as a global financial hub. Consequently, the country is known for its pro-crypto stance and high adoption rate.

The post Singapore raises risk level for digital payment token providers in counter-terrorism update appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

$1.5 Million Bitcoin? Ark’s Cathie Wood Sees Gold’s Market Share Slipping 

This week Ark Invest CEO Cathie Wood CEO explained she believes the US economy is emerging from what she describes as a three-year “rolling recession” triggered by the Federal Reserve’s rate

XRP Whales Are Back – 880 Million Tokens Accumulated This Month

XRP is now trading above the $235 mark, gaining momentum as bulls aim to break through critical resistance on the way to a potential all-time high This move comes as the broader crypto market enters

Bitcoin Bull-Bear Cycle Indicator Flashes 1st Bullish Signal Since February – Details

Bitcoin is now facing a critical test as it consolidates around the $103,000 mark, holding gains made during last week’s powerful breakout After tagging $104,300, the price has remained steady in a

Altcoins Season Incoming — Here’s Why Top Crypto Experts Belives It

The post Altcoins Season Incoming — Here’s Why Top Crypto Experts Belives It appeared first on Coinpedia Fintech News After a long, painful stretch for altcoins, the market is finally showing

A Whale Enters a Smart Trade on Bitcoin, Ethereum & Solana—Should You be Bullish or Bearish?

The post A Whale Enters a Smart Trade on Bitcoin, Ethereum & Solana—Should You be Bullish or Bearish appeared first on Coinpedia Fintech News Recently, Bitcoin price cleared the crucial

Spain demands tighter bank oversight, fuels Bitcoin appeal

Update (May 10 2025): Following a detailed review of Royal Decree 253/2025, the official BOE text, and multiple independent fact‑checks, we determined that an earlier version of this