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.
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.
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.
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