Legal firm Linklaters has been chosen to serve as a partner to the Association of Cryptocurrency Enterprises and Startups, Singapore (ACCESS), providing guidance on the Code of Practice drafted to further strengthen its Standardisation of Practice in Crypto Entities (SPICE) initiative, according to a report by the Global Legal Post.
The global law firm joins the Association of Banks in Singapore (ABS) as another provider of consultation and guidance as ACCESS works to bring greater legitimacy and ensuring responsible utilization in Singapore’s cryptosphere.
ACCESS, an entity facilitated by the Monetary Authority of Singapore (MAS), recently unveiled its draft Code of Practice as a collection of recommended actions and standards for any and all businesses and institutions dealing with cryptocurrency in Singapore.
The Code especially focuses on anti-money laundering and countering the financing of terrorism (AML/CFT) to tackle concerns over the anonymity afforded by cryptocurrency allowing transfers and transactions for criminal or terrorist purposes.
Linklaters, which works with 490 partners across 20 countries around the world, deals directly with providing legal guidance and certainty.
Peiying Chua, head of the firm’s financial regulation practice in Singapore, described the partnership with ACCESS as an honor and called SPICE an “industry-changing initiative from a legal and strategic perspective.” She said SPICE would “further cement Singapore’s reputation as a leading jurisdiction in the blockchain and fintech space.”
Alongside ABS, Linklater will guide companies adopting the Code of Practice from a legal perspective. The Code includes key actions such as Know-Your-Customer (KYC) best practices and sets up standards likely to be integral once further regulations are implemented by the Singapore government.
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