Singapore has imposed strict unilateral sanctions on Russia in light of the Russian invasion of Ukraine on Saturday blocking all cryptocurrency transactions as well.
These new regulations would prohibit Singaporean banks, organisations, and companies from dealing and trading with Russian entities using all means of exchange, including crypto.
Singapore's central bank, the Monetary Authority of Singapore (MAS), has restricted transactions involving digital assets such as cryptocurrencies and non-fungible tokens (NFTs) with Russia as part of its sanctions against the country because of the ongoing war.
Furthermore, the MAS has recommended that Singaporean financial institutions freeze the assets of a number of Russian banks, including VTB Financial institution, Promsvyazbank, Bank Rossiya, and Vnesheconombank.
The most interesting detail about this development is the fact that Singapore's decision is impose these sanctions without any assistance from United Nations Security Council. Singapore previously imposed unilateral sanctions more than 40 years ago, in response to Vietnam's invasion of Cambodia and the overthrow of the communist Khmer Rouge.
Last week, several South Korean exchanges like Gopax, Upbit, Bithumb, Coinone, and Korbit placed restrictions on Russian addresses. Moreover, Coinbase blocked over 25,000 Russian addresses linked to illicit activities.