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The new crypto code suggested by a Singaporean non-profit has got backing of the country’s central bank. The code of practice for digital asset payment providers contains new rules that can help improve the transparency and efficiency of the country’s crypto solution providers. Now, the suggestions mentioned in the document has been backed by the nation’s central bank.
The non-profit group is known as ‘The Association of Cryptocurrency Enterprises and Start-ups Singapore’ studies blockchain-related developments. There are more than 400 members in the organization coming from several crypto and blockchain backgrounds.
New crypto code for Singapore features valuable insights
The initiative got support from the ‘Monetary Authority of Singapore’ who took an active part in the featured suggestions. The new crypto code for Singapore includes regulatory compliance assistance and improved the conduct of the crypto businesses in the country. Additionally, the Association of Banks in Singapore (ABS) provided its valuable insights as well.
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It’s been 2 years of work on the Code of Practice and finally, we’re rolling it out. A lot has happened in the 2 years, including the @FATFNews Virtual Asset guidelines published in June 2019, formed @idaxaofficial at the @V20Osaka summit at the G20 leaders' summit in Osaka,
— Anson Zeall (@AnsonZeall) August 14, 2020
The Payment Services Act of Singapore says that crypto-related businesses must obtain a license to operate in the country. The act was updated a few months ago. The new crypto code for Singapore aims to meet these requirements while improving the compliance standards for the crypto businesses.
Expect tough anti-money laundering laws
Specifically, the new guidance lays down a strong emphasis on anti-money laundering and terror financing. It provides a standardized approach to tackle the menace of illicit financing activities through improved KYC practices.
Anson Zeall of ACCESS states that the guidance aims to help both local and international virtual payment businesses by facilitating them with license-related services. The code was developed after two years of brainstorming to make sure that it meets the Singaporean regulatory standards.
The new crypto code also adheres to the 2019 guidelines issued by the Financial Action Task Force for Singapore. The supervisory frameworks suggested by FATF are also featured in the new code. The new crypto code for Singapore is evolutionary and will bring in necessary changes as time progresses.
