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Industry body seeks feedback on code of practice for Singapore digital asset industry

THE Association of Cryptocurrency Enterprises and Startups, Singapore (Access) is seeking public feedback for its newly developed draft code of practice.

The code of practice is a Standardisation of Practice In Crypto Entities (Spice) initiative of Access, and complements the Payment Services Act as it standardises the approach to tackling anti-money laundering and counter financing of terrorism, Know-Your-Customer best practices, as well as other key issues relevant to crypto-asset and blockchain companies. These are the key considerations for the licensing and regulation of digital payment services providers in Singapore.

Access, in a statement issued on Tuesday, noted that the code of practice - facilitated by the Monetary Authority of Singapore (MAS) and developed in consultation with the Association of Banks in Singapore (ABS) - underscores the importance of partnership to strengthen and complement regulatory compliance for the sector. 

Chairman of Access Anson Zeall said: "Spice underscores the strong partnership to support the growing digital asset industry in Singapore. It aims to remove some roadblocks which have been hindering the growth of the sector. 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."

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MAS chief fintech officer Sopnendu Mohanty said that the MAS welcomes the ground-up collaborative effort by the industry to develop a set of guidance to help banks and crypto blockchain startups strengthen regulatory compliance.

"The challenge for regulators has been to harness the potential benefits of blockchain technology and crypto tokens while ensuring that the risks are contained. This industry collaboration will help to promulgate good practices for fintech players and financial institutions to manage risks such as money laundering and terrorism financing in crypto and blockchain, and set the foundation for further technical development and broader industry adoption of innovative technologies, " noted Mr Mohanty.

Access welcomes the public's feedback on the code via spice@access-sg.org by Sept 10.