Singapore prohibits crypto, NFT transactions in sanctions against Russia

The Monetary Authority of Singapore (MAS) has prohibited transactions involving digital assets such as cryptocurrencies and non-fungible tokens (NFTs) in its sanctions against Russian banks and entities, the central bank said in a statement. 

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Fast facts

• Following Russia’s invasion of Ukraine, MAS will impose export controls on items that can be directly used as weapons to inflict harm on Ukrainians, as well as items that can contribute to offensive cyber operations. 
• Singapore has advised its financial institutions to freeze assets and funds of VTB Bank, Vnesheconombank, Promsvyazbank, and Bank Rossiya.
• Russia’s central bank has been taking unprecedented measures to stabilize its economy and the ruble, as Russia’s financial health continues to suffer blows from mounting sanctions targeting its banks, oil refineries and military exports. 

• MAS has specifically restricted digital payment token service providers from facilitating transactions that could aid circumvention of the financial measures.
• These measures apply toall financial institutions in Singapore.

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