Singapore flags crypto for 'higher risk' in money laundering

SINGAPORE -- Singapore has labeled cryptocurrency-related activities as "higher risk" in a report issued Thursday by enforcement agencies, signaling its financial sector to more closely guard against money laundering as the city-state grapples with illicit capital flows.

Crypto players, also referred to by Singaporean authorities as digital payment token service providers, were classified as belonging to a sector deemed more vulnerable to financial crime, along with other industries like precious stones and metals dealers as well as corporate services providers.