New “Code of Practice” Bolsters Cryptocurrency Regulation in Singapore | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
The Association of Cryptocurrency Enterprises and Start-ups, Singapore (ACCESS) together with the Monetary Authority of Singapore (MAS) developed a new ‘Code of Practice’ to set standards of good practice regarding Anti-Money Laundering (AML) and countering the financing of terrorism measures for crypto-related businesses. This according to news published by The Global Legal Post, August 19, 2019.
In Singapore, the MAS supported the drawing up of a new “Code of Practice” developed by ACCESS which aims to enforce AML procedures and fight the financing of terrorism through cryptocurrencies. These newly established standards come shortly after ACCESS had sought feedback from the public on their proposed guidelines.
The code is a part of ACCESS’s Standardisation of Practice in Crypto Entities (SPICE) initiative and completes the Singapore’s Payment Services Act 2019 (PS Act) which officially brought cryptocurrencies dealing or exchange services under the supervision of the MAS, on January 14, 2019. SPICE aims to develop real guidelines in collaboration with exchanges in order to facilitate the development of the sector and make Singapore a true fintech hub.
The guidelines will focus on several key elements, including AML and KYC best practices, which will allow operators to create robust procedures to reduce money laundering and terrorist financing.
Peiying Chua from Linklaters, the law firm in charge to supervise the implementation of this regulation, is very honored to contribute to this project and thinks that it will further confirm Singapore’s reputation as a leading jurisdiction in the blockchain and fintech space.