Connect with us

Business

Singapore ups crypto exchanges risk factor in update to AML/CFT laws

Singapore has escalated regulatory oversight of cryptocurrency exchanges in response to growing concerns over potential risks associated with digital assets.

Published

on

Singapore has escalated regulatory oversight of cryptocurrency exchanges in response to growing concerns over potential risks associated with digital assets.

The Monetary Authority of Singapore (MAS) has intensified scrutiny on cryptocurrency trading platforms, citing heightened risks such as money laundering, terrorism financing, and investor protection. This move underscores Singapore’s commitment to bolstering regulatory frameworks to mitigate these risks within the burgeoning crypto sector.

The MAS’s decision follows a series of global regulatory developments aimed at enhancing transparency and accountability in the digital asset space. Singapore, known for its robust financial ecosystem, aims to strike a balance between fostering innovation and safeguarding against illicit activities in the cryptocurrency market.

The regulatory measures include enhanced due diligence requirements for crypto exchanges and stricter adherence to anti-money laundering (AML) and counter-terrorism financing (CTF) protocols. These steps are designed to strengthen the resilience of Singapore’s financial system while promoting responsible conduct among cryptocurrency service providers.

The MAS’s proactive stance reflects a broader trend towards regulatory clarity and oversight in global cryptocurrency markets. As digital assets continue to gain traction among investors and consumers, regulatory authorities worldwide are stepping up efforts to ensure compliance and mitigate potential risks associated with their use.

Market participants and stakeholders in Singapore’s cryptocurrency ecosystem are expected to adhere to heightened regulatory standards as part of efforts to enhance market integrity and investor confidence. The MAS’s measures are poised to shape the future landscape of cryptocurrency regulation, positioning Singapore as a proactive and responsible jurisdiction in the evolving digital economy.

As regulatory oversight evolves, Singapore remains committed to fostering a conducive environment for innovation while safeguarding against financial crimes and protecting investor interests. The MAS’s initiatives underscore its role in promoting sustainable growth and stability within the digital asset ecosystem, setting a precedent for global regulatory frameworks in the cryptocurrency industry.

Business

Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

Published

on

Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

Continue Reading

Business

Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

Published

on

Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

Continue Reading

Business

Hackers are selling counterfeit phones with crypto-stealing malware

Published

on

Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

Continue Reading

Trending

Copyright © 2025 cryptonews.lk