Singapore bans crypto and NFT transactions as part of its sanctions on Russia

Updated: Mar 9

In its sanctions against Russian banks and entities, the Monetary Authority of Singapore (MAS) has restricted transactions using digital assets such as cryptocurrencies and non-fungible tokens (NFTs), according to the central bank.


In its sanctions against Russian banks and entities, the Monetary Authority of Singapore (MAS) has restricted transactions using digital assets such as cryptocurrencies and non-fungible tokens (NFTs), according to the central bank.
Singapore banned crypto transactions

Following Russia's invasion of Ukraine, MAS will apply export restrictions on things that can be used as weapons to harm Ukrainians directly, as well as items that can aid offensive cyber operations.


Furthermore, the government said that the financial sanctions will be imposed on certain Russian institutions, entities, and operations in Russia, as well as fund-raising efforts that benefit the Russian government.


Adding to this, the authority notes,

"Digital payment token service providers are specifically prohibited from facilitating transactions that could help to circumvent these financial measures."

For instance, VTB Bank, Vnesheconombank, Promsvyazbank, and Bank Rossiya's assets and funds have been frozen by Singapore's financial institutions.


As Russia's financial health continues to be harmed by growing sanctions targeting its banks, oil refineries, and military exports, the country's central bank has taken unprecedented measures to stabilize the economy and the ruble.


The MAS has prohibited digital payment token service providers from enabling transactions that could aid in the circumvention of the financial restrictions.


Note that the reports note that all financial institutions in Singapore are subject to these regulations.