Media: Singapore authorities called on bitcoin tenets to block the accounts of Russians
Singapore monetary control (MAS) reminded licensed cryptocurrency exchanges about the need to observe sanctions against the Russian Federation. This is reported by local media.
The application was published after recent publications on attracting by pro -Russian groups of millions of dollars in cryptocurrencies to support war in Ukraine.
In a commentary to CNA, MAS representatives did not report whether local platforms were used to collect such donations. However, they emphasized that providers of digital payment tokens (DPTSP) are required to “tightly control” interaction with banks under sanctions, and financing of prohibited activities.
“DPTSP must conduct a comprehensive audit in order to identify the identity of their customers and beneficial owners of customers, as well as their counterparties under transactions,” said the representative of the department.
In addition, exchanges should monitor potential attempts to circumvent prohibitions, in particular the use of cryptocurrency mixers.
Financial institutions that have information about prohibited activities should immediately report this to the Central Bank.
According to the current legislation, a financial institution found guilty of violation of regulatory rules can be fined up to 1 million Singapore dollars (more than $ 709,000).
In March, after the Russian Federation’s invasion of Ukraine, MAS began to implement measures to stop bypassing sanctions using cryptocurrencies.
The SPARROW cryptocurrency exchange, working in Singapore, said that she refuses business relations and prohibits transactions with the participation of legal entities and individuals from countries that sanctions are extended, including Russia.
“We analyze the source and place of purpose of cryptocurrency transactions to make sure that they do not come from the Russian Federation and are not sent to the Russian Federation,” said CNA chief specialist in risks and compliance with the requirements of Sparrow Mc Chang Yi.
She added that the platform blocks access to its services from Russian IP addresses.
Recall, on October 6, the European Union approved the eighth package of sanctions against https://gagarin.news/news/mtv-will-hold-the-video-music-awards-ceremonies-in-the-metaverse/ the Russian Federation, in which he forbade the Russians to own cryptocurrency wallets on the territory of the eurozone.
Citizens and residents of Russia will also not be able to create accounts or store digital assets in the EU regardless of the deposit amount.
According to TRM Labs estimates, from the beginning of the military invasion of the Russian Federation to Ukraine, pro -Russian paramilitarian groups have attracted about $ 400,000 in cryptocurrencies to detour sanctions and financing combat operations.
According to Chanalysis analysts, since February 2022, at least 54 different groups from the Russian Federation were engaged in raising funds to finance military invasion of Ukraine. At the end of July, their wallets received a total of $ 2.2 million in various digital currencies.
Read the FORKLOG Bitcoin News in our Telegram-cryptocurrency news, courses and analytics.