Central Bank of Singapore is to conduct new code of practice for blockchain companies

Cryptocurrency industry in Singapore has released e code of practice for crypto companies. ACCESS (Association of Cryptocurrency Enterprises and Start-ups Singapore) has announced the release on Thursday. The association includes around 400 companies that are related to crypto currency and blockchain.

The initiative aims to foster regulatory compliance and improve crypto industry in the country. The guidance is designed around the requirements of the country’s Payment Services Act, which was updated early in 2020 to require digital asset businesses operating in Singapore to register for a license.

Particularly it offers an approach to foster the fight against money laundering and to fight financing terrorism through best practices of know-your-customer.

The process of developing the code took around two years and it aims to line with the interests of regulators and members and will be updated on regular basis to ensure its relevance.

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