In a bid to foster the growth of its emerging cryptocurrency ecosystem, the Association of Cryptocurrency Enterprises and Start-ups, Singapore (ACCESS) has reportedly introduced a new code of practice.
The new piece of legislation, according to Global Legal Post was developed in line with a law firm, Linklaters and sought to address concerns regarding the use of cryptocurrencies to facilitate money laundering and terrorism.
For instance, the legislation which is part of the standardization of practice in crypto entities (SPICE) specifically outlines how crypto industry participants can employ the best Know-Your-Customer (KYC) procedure while onboarding users to their platforms.
These crypto businesses can also expect that the new guidelines agree with Singapore's Payment Services Act 2019 (PS Act), thus, making it easier for them to remain regulatory compliant generally.
While sharing his thoughts on the new development, Anson Zeall, chairman of the crypto association, described it as another step in the right direction since it came off the back of another ruling that proposed the removal of Goods and Services Taxes (GST) for crypto transactions that serves a commercial purpose.
Interestingly, the new code of practice for crypto industry participants also got the blessing of the country's financial payments regulator, the Monetary Authority of Singapore (MAS). In the same manner, the Association of Banks in Singapore (ABS), the nation's union of banks also contributed to the creation of the code of practice, a factor that should make it workable for all the involved parties.
So far, Singapore remains one of the fastest-growing regions for the development of crypto project giving the country's friendly stance for the emerging industry. That, however, does not detract from the fact that regulators in Singapore are not protecting citizens from fraudulent crypto projects.