Crypto News– Singapore takes action on AML front with new committee; The Singaporean government has taken an assertive stride by establishing an inter-departmental committee composed of representatives from key ministries, including the Monetary Authority of Singapore (MAS), Ministry of Home Affairs (MHA), Ministry of Law (MinLaw), Ministry of Manpower (MOM), and Ministry of Trade and Industry (MTI). The primary objective of this committee is to fortify anti-money laundering (AML) measures. This development is poised to exert a notable influence on the realm of cryptocurrency assets, aligning with the global trend of heightened scrutiny on digital currencies and transactions.
Singapore Takes Action on AML Front with New Committee, Keeping an Eye on Crypto Sector Implications
In a comprehensive statement recently presented to the Parliament, the government unveiled a three-pronged strategy encompassing prevention, detection, and enforcement, with a particular emphasis on the real estate and corporate sectors. This initiative comes on the heels of Singapore’s investigation into one of the most significant suspected money laundering cases, resulting in the seizure of assets exceeding $2 billion in value.
The seized assets encompass a vast array, including 152 properties, 62 vehicles, substantial quantities of liquor, cryptocurrencies, gold bars, and jewelry. In addressing the reinforcement of anti-money laundering safeguards within the real estate sector, the Minister underscored the pivotal role of gatekeepers such as property agents and developers. He elucidated the importance of conducting Customer Due Diligence (CDD) checks and the significance of promptly reporting any suspicious transactions to law enforcement agencies.
FAST System Crypto Access Supported by Singapore’s MAS, Amid Ongoing Discussions
Turning the focus to the corporate sector, the Singaporean Minister underscored the importance of implementing additional measures, especially for foreign-owned companies. These measures include scrutinizing the legitimacy of the entity’s purpose and ensuring stringent checks. Furthermore, the government has taken significant strides in bolstering transparency by implementing measures to identify beneficial owners. These efforts are aimed at aiding law enforcement agencies in their investigative processes.
In the domain of digital assets, Singapore has taken a proactive stance by granting operational licenses to cryptocurrency enterprises that exhibit robust Anti-Money Laundering (AML) controls. Some prominent entities that have recently secured full Major Payment Institution (MPI) licenses include Ripple, a blockchain firm based in San Francisco, the cryptocurrency exchange Coinbase, and the Swiss digital asset bank Sygnum.
It’s worth noting that Singapore faced criticism in a recent letter published in the Financial Times for allowing virtual asset firms access to the Fast and Secure Transfers (FAST) interbank payment system. However, in response, the Monetary Authority of Singapore (MAS) defended its decision, emphasizing that any entity equipped with a valid banking infrastructure, including cryptocurrency businesses, is eligible to utilize the FAST system.
MAS firmly refuted any correlation between the upsurge in malware scams in Singapore and the cryptocurrency sector. They argued that these scams are more prevalent in the traditional fiat economy and stressed that cryptocurrencies are not inherently more susceptible to fraudulent activities than conventional financial systems.
Loom Crypto Price Analysis
Loom Network has undeniably exhibited impressive recent performance, surging to a notable high of $0.176, marking an astonishing 300% increase from its lowest point in September. However, this surge is accompanied by several factors that warrant a degree of caution, primarily stemming from the context in which it is occurring.
Firstly, it’s important to note that this surge is unfolding in a low-volume environment, meaning that the market activity driving this price increase is relatively limited. Low-volume rallies can often be more susceptible to rapid reversals and increased volatility, which should be a consideration for investors.
Secondly, this surge in the Loom Network token is happening without any major news catalyst or fundamental development that could justify such a sharp price movement. In cryptocurrency markets, where sentiment and speculative trading often play a significant role, price movements without underlying fundamentals can be precarious.
Given the potential factors at play, it’s prudent to anticipate a pullback in the coming weeks. In such a scenario, the next significant level to monitor would be at $0.12.
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