Singapore’s ACCESS Proposes Code of Practice for Cryptocurrency

Asia Blockchain Review
August 24, 2019
Singapore’s ACCESS Proposes Code of Practice for Cryptocurrency

A draft code of practice for Singapore’s cryptocurrency industry has been proposed by the Association of Cryptocurrency Enterprises and Startups, Singapore (ACCESS), seeking to set out standards for cryptocurrency-related services and operators.

According to Bitcoin Magazine, the draft version of the proposed code was released by ACCESS as part of the association’s Standardisation of Practice in Crypto Entities (SPICE) initiative. The proposed code is aimed at all participants in the cryptocurrency realm in Singapore, extending from cryptocurrency custodians and blockchain service providers to payment and remittance firms and exchanges.

Code Pays Particular Attention to AML/CFT

Part of SPICE — which is being overseen by the Monetary Authority of Singapore in consultation with the Association of Banks in Singapore the draft code is a collection of standards focused on good practices related to cryptocurrency, including anti-money laundering and countering the financing of terrorism (AML/CFT) measures. Compliance with the code is currently voluntary on the part of firms.

Companies are being encouraged to assess the AML/CFT risks of themselves, their affiliates, and their customers, asking that they look into the ownership structure of client firms, assess transaction values, and evaluate geographical factors. It also recommends that an internal AML/CFT policy is adopted by each company to ensure due diligence is carried out.

Standards to Elevate Singaporean Cryptocurrency Sector

Anson Zeall, Chairman of ACCESS, elaborated that the code would aid in the advancement of Singaporean institutions dealing with cryptocurrency. 

He stated in a press release on August 13th, 2019, “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.”

ACCESS has initiated collaboration with leaders in Singapore’s cryptocurrency industry, including Quoine, Paxos, Xfers and Luno to devise further guidance.

Source: bitcoinmagazine.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
South Korean Mobile Service Provider Unveils Blockchain OS
Union Mobile, a major mobile service provider in South Korea, has recently unveiled its blockchain o...

September 22, 2019

UK, US Top List of Most Crypto Exchanges by Country followed by Hong Kong and Singapore
Blockchain analytics platform Crystal has revealed a breakdown of the countries with the most regist...

September 22, 2019

Thai Oil Major PTT to Create Renewable Energy Blockchain Platform
Thai energy giant PTT has partnered with Energy Web Foundation to launch a blockchain-based platform...

September 22, 2019

Five Privacy Coins to be Delisted at OKEx South Korea
The South Korean branch of OKEx has announced it will be delisting privacy coins including Dash and ...

September 21, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us