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Singapore is facing a troubling trend: more and more cryptocurrencies are being used to fund terrorisms around the world.&nbsp;
The Ministry of Home Affairs (MHA) recently reported that, while traditional cash and informal systems still dominate, cryptocurrencies are becoming a big issue. In their words:
<blockquote>
 “Although there is increasing use of cryptocurrencies, the predominant means for financial transactions by ISIS and its affiliates remain cash couriers and informal value transfer systems (hawala).”
</blockquote>
The report revealed that ISIS has been sending cryptocurrency to individuals in the Al-Hol detention camp in Northern Syria, where many people with ISIS ties are held.&nbsp;
Also, pro-ISIS groups in Southeast Asia have been sharing posters online asking for crypto donations.
<h3 id="span-style-font-weight-400-crypto-ownership-rises-in-singapore-span">Crypto ownership rises in Singapore</h3>
In Singapore, more people are getting into cryptocurrencies. Folks across different ages and income levels are jumping on board.&nbsp;
Surveys show that a massive number of Singaporeans now own some form of cryptocurrency, with young adults of 18-34 being the most active group.
Bitcoin is the most popular cryptocurrency among Singaporeans, with 73% of crypto owners holding it as of early 2024.&nbsp;
Other popular options include Ether and XRP, though specific numbers for these aren’t as clear.
<img fetchpriority="high" decoding="async" class="alignnone wp-image-560674 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-26-at-20.50.43.jpg" alt="Singapore sees increased use of crypto to fund terrorism" width="1376" height="1112" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-26-at-20.50.43.jpg 1376w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-26-at-20.50.43-300x242.jpg 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-26-at-20.50.43-1200x970.jpg 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-26-at-20.50.43-768x621.jpg 768w" sizes="(max-width: 1376px) 100vw, 1376px">
Several factors are making cryptocurrencies more appealing in Singapore. For one, the government has been relatively supportive, with clear regulations provided by the Monetary Authority of Singapore (MAS).
There’s also a growing awareness of blockchain technology, the backbone of cryptocurrencies, as it is seen as innovative and promising.&nbsp;
Singaporeans are using cryptocurrencies for various reasons. Investment and trading are the most common, but there’s more to it.&nbsp;
Cross-border remittances have become simpler and more cost-effective with cryptocurrencies, which is particularly useful in a global city like Singapore.
<img decoding="async" src="https://cloudfront-us-east-2.images.arcpublishing.com/reuters/LDPZZN2ZLVK5BDL4BH6H34MPTU.jpg" alt="Explainer: How Singapore's unique monetary policy works | Reuters">
People are also using cryptocurrencies for everyday purchases and services, and some are exploring decentralized finance (DeFi) platforms.&nbsp;
These platforms allow users to earn interest on their crypto, borrow money, and more, without needing a traditional bank.
But still. The MHA <a href="https://www.mha.gov.sg/docs/default-source/default-document-library/sttar-2024.pdf?sfvrsn=98ce88bd_3" rel="noopener noreferrer nofollow" target="_blank">said</a>, “In February 2024, US authorities reported that ISIS ‘transferred funds – up to USD20,000 (S$27,100) per month each – to individuals at the AlHol detention camp through intermediaries in Turkey via the hawala system, and via cash transfer apps and cryptocurrency.’”

Singapore reports increased use of crypto to fund terrorism

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