The Association of Cryptocurrency Enterprises and Start-ups, Singapore invites the public to give feedback on its newly developed practices, which aims to promote best practices to strengthen regulatory compliance for the digital asset industry.
In recent years, Singapore has successfully attracted notable global blockchain and crypto asset businesses such as Binance, Luno, Crypto.com, Bitmain and Enjin to expand their operations in the city-state. Hence, the Association of Cryptocurrency Enterprises and Start-ups, Singapore (ACCESS) is calling for public feedback on its recently unveiled «Code of Practice».
«MAS welcomes the ground-up collaborative effort by the industry to develop guidance to help banks and crypto blockchain startups strengthen regulatory compliance. The challenge for regulators has been to harness the potential benefits of blockchain technology and crypto tokens while ensuring that the risks are contained,» said Sopnendu Mohanty, Chief FinTech Officer of MAS in a media statement on Tuesday.
Managing Risks
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, Mohanty added.
Facilitated by the Monetary Authority of Singapore (MAS) and developed in consultation with the Association of Banks in Singapore (ABS), SPICE is a key industry-driven initiative that promotes best practices to strengthen regulatory compliance for the digital asset industry, underscoring the importance of partnership, while striking a balance to promote financial inclusion.
Standardized Approach
Acting as a complement Singapore’s Payment Services Act, SPICE standardizes the approach to tackling Anti-Money Laundering (AML) and Counter Financing of Terrorism, Know-Your-Customer (KYC) best practices, as well as other key issues relevant to crypto-asset and blockchain companies. These are key considerations for the licensing and regulation of digital payment services providers in Singapore, said Anson Zeall, chairman of ACCESS.
«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,» said Zeall.
