Singaporean Industry Body Drafts a Set of Rules for Crypto Regulation

An Industry body of Singapore, ACCESS is reportedly seeking public feedback on a code of practice draft for Singapore’s digital asset industry. 

Singapore is among Asia’s most crypto-friendly countries. In fact, it has become the hub for various blockchain crypto startups. To promote crypto & blockchain innovation, the country has the Association of Cryptocurrency Enterprises and Startups (ACCESS), that was created in mid-2014.  The association was launched to “facilitate legitimate use of cryptocurrencies in Singapore” and to aid in the development of cryptocurrency-driven businesses. The association recently developed a draft code of practice focused on cryptocurrencies and is looking forward to receiving public feedback on it.

Singapore Seeks Public Feedback To Strengthen Best Crypto Practice

The newly developed “Code of Practice” is a Standardization of Practice in Crypto Entities (SPICE) initiative of the association. The initiative, launched by two of Singapore’s digital asset associations, ACCESS and TEA ( Token Economy Association) in late November 2018, is aimed at promoting best practices in Singapore’s crypto industry.

It is an industry-driven initiative to formulate and promote best practices that will standardize the approach to various aspects in the crypto sector. The initiative focuses on several key elements relevant to the crypto and blockchain industry including Know-Your-Customer best practices, anti-money laundering and counter financing of terrorism.

ACCESS announced its partnership with the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) on August 13. The two provided support in drafting the code of practice. ACCESS states that it is open to receiving public’s feedback on the code via “[email protected] by Sept 10.

ACCESS and MAS Shares Equal Voice

Emphasizing the essence of SPICE, Anson Zeall, the chairman of Access writes;

“Spice underscores the strong partnership to support the growing digital asset industry in Singapore. It aims to remove some roadblocks which have been hindering the growth of the sector. In essence, the code of practice helps banks and industry players to sieve out the ‘bad’, so that quality licensed blockchain and crypto-asset businesses can grow here in a bigger way and make a stronger imprint on the global stage.”

Mirroring the above note of ACCESS’s chairman, Sopnendu Mohanty, the MAS chief fintech officer underscores MAS’s constructive view. He asserts that the authority is very positive about developing a set of guidelines to eventually help both, the banks as well as crypto & blockchain startups to strengthen regulatory compliance. Mr.Mohanty goes on explaining;

“The challenge for regulators has been to harness the potential benefits of blockchain technology and crypto tokens while ensuring that the risks are contained. This industry collaboration will help to promulgate good practices for fintech players and financial institutions to manage risks such as money laundering and terrorism financing in crypto and blockchain, and set the foundation for further technical development and broader industry adoption of innovative technologies.”

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