ACCESS launches four-week public consultation on Code of Practice for the digital asset industryby
- Facilitated by MAS and developed in consultation with ABS, the Code of Practice underscores the importance of partnership to strengthen and complement regulatory compliance for the sector
- The Code of Practice complements the Payment Services Act as it standardises the approach to tackling Anti-Money Laundering and Counter Financing of Terrorism – key considerations for the licensing and regulation of digital payment services providers in Singapore
- Raises the bar for regulatory compliance standards amongst crypto-asset and blockchain companies and sieves out the ‘good’ from the ‘bad’, removing existing business hurdles for quality companies to grow in a bigger way
SINGAPORE, 13 August 2019 – The Association of Cryptocurrency Enterprises and Start-ups, Singapore (ACCESS) invites public feedback for its newly developed ‘Code of Practice’ under its Standardisation of Practice In Crypto Entities (SPICE) initiative. The public can submit feedback to firstname.lastname@example.org over a four-week period from 13 August 2019 to 10 September 2019.
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.
Aimed at complementing Singapore’s Payment Services Act, SPICE standardises 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 – all of which are key considerations for the licensing and regulation of digital payment services providers in Singapore.
“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 Mr. Anson Zeall, Chairman of ACCESS.
Mr. Sopnendu Mohanty, Chief FinTech officer, MAS, said, “MAS welcomes the ground-up collaborative effort by the industry to develop a set of 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. 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.”
The growing digital asset industry in Singapore has gained global recognition. ACCESS was invited to be one of the conveners of V20 Virtual Asset Services Providers (VASP) summit in Osaka, Japan, in conjunction with the G20 Summit. The two-day industry summit on 28 – 29 June 2019 saw leading global virtual asset services providers engage in policy discussion with intergovernmental and governmental bodies, including the Financial Action Task Force (FATF).
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 country.
“We are heartened to witness the industry moving in the right direction with key developments that support the growth momentum. For example, the proposed Goods and Services Tax (GST) revamp in relation to digital payment tokens will eliminate many existing business hurdles and costs – a significant step forward in strengthening Singapore’s competitiveness as a global fintech hub,” added Mr. Zeall.
To further the SPICE initiative, ACCESS is working with industry leaders to provide practical guidance around best practices for the various cryptocurrency exchanges that are based in Singapore. Co-led by Luno, the working group includes Paxos, Quoine and Xfers.
About the Association of Crypto-Currency Enterprises and Start-ups, Singapore (ACCESS):
ACCESS is a non-profit organisation for the cryptocurrency and blockchain industry in Singapore. Members represent a spectrum of businesses within the Singapore blockchain and cryptocurrency space, including exchanges, merchant transaction services, vending machines suppliers and miners, and abide by a Code of Conduct that is in line with our mission statement. ACCESS has grown its membership from 7 companies since its establishment in 2014 to the current 400 companies.
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