{"id":2371,"date":"2022-04-15T07:28:00","date_gmt":"2022-04-15T07:28:00","guid":{"rendered":"https://uk20201.com/blog\/?p=2371"},"modified":"2022-04-15T07:28:15","modified_gmt":"2022-04-15T07:28:15","slug":"defi-cannot-circumvent-russia-financial-sanctions-mas","status":"publish","type":"post","link":"https://uk20201.com/blog\/en\/%e8%b3%aa%e6%8a%bc\/ex\/2371\/","title":{"rendered":"DeFi cannot circumvent Russia financial sanctions: MAS"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https://uk20201.com/blog\/wp-content\/uploads\/2022\/04\/image-16.png\" alt=\"DeFi\" class=\"wp-image-2373\" width=\"414\" height=\"233\" srcset=\"https://uk20201.com/blog\/wp-content\/uploads\/2022\/04\/image-16.png 602w, https://uk20201.com/blog\/wp-content\/uploads\/2022\/04\/image-16-300x169.png 300w\" sizes=\"(max-width: 414px) 100vw, 414px\" \/><\/figure><\/div>\n\n\n\n<p>DeFi-<strong>The regulator said appropriate measures will be taken for FIs who will breach these sanctions.<\/strong><\/p>\n\n\n\n<p>The Monetary Authority of Singapore has reaffirmed that financial sanctions on Russia cannot be circumvented through cryptocurrencies or decentralised finance (DeFis) as financial institutions are required to comply with the ordered sanctions regardless of whether transactions are facilitated using traditional financial channels, or through cryptocurrency exchanges or \u201cdecentralised finance\u201d protocols.<\/p>\n\n\n\n<p>This was in response to MP for Bishan-Toa Payoh GRC Saktiandi Supaat who asked whether Singapore\u2019s regulation of cryptos and DeFi will prevent sanctioned individuals and companies from using non-traditional forms of finance to circumvent it and whether MAS has plans to introduce or revise its regulations.<\/p>\n\n\n\n<p>MAS said the sanctions by the Singapore government will apply to all FIs in Singapore, including digital payment token (DPT) service providers.<\/p>\n\n\n\n<p>\u201cMAS requires all FIs to ensure compliance with the measures, regardless of whether transactions are facilitated using traditional financial channels, or through cryptocurrency exchanges or \u201cdecentralised finance\u201d protocols. To guard against circumvention, these financial measures specifically prohibit DPT transactions that may be used to facilitate any prohibited activity or transaction. In short, FIs will not enable sanctioned parties to use non-traditional forms of finance to bypass the measures,\u201d Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS said.<\/p>\n\n\n\n<p>Shanmugaratnam added that all FIs are required to demonstrate their compliance with the financial measures to MAS and are subject to MAS\u2019 scrutiny and inspection.&nbsp;<\/p>\n\n\n\n<p>\u201cMAS will take appropriate regulatory actions against FIs found to have breached these financial measures,\u201d Shanmugaratnam said.<\/p>\n\n\n\n<p>U.TOWN\uff1a<a href=\"https:\/\/u.town\/en\">https:\/\/u.town\/en<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>DeFi-The regulator said appropriate measures will be ta [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2373,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[537],"tags":[629,415],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.10 - 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