Cryptocurrency industry seeks feedback on code of practice, Banking News & Top Stories

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

The code standardises the approach to tackling anti-money laundering and counter financing of terrorism, and other issues relevant to crypto asset and blockchain companies. These are the key considerations for the licensing and regulation of digital payment services providers here.

Access yesterday said the code of practice – facilitated by the Monetary Authority of Singapore (MAS) and developed in consultation with the Association of Banks in Singapore – underscores the importance of partnership to strengthen regulatory compliance for the sector.

Access chairman Anson Zeall said: “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.”

MAS chief…