Cryptocurrency industry seeks feedback on code of practice

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 fintech officer Sopnendu Mohanty said MAS welcomes the ground-up collaborative effort by the industry to develop a set of guidance to help banks and crypto blockchain start-ups 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."

SETTING STANDARDS

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.

MR ANSON ZEALL, chairman of the Cryptocurrency Enterprises and Startups, Singapore (Access), on the newly developed draft code of practice.

Feedback on the code can be lodged at spice@access-sg.org by Sept 10.

A version of this article appeared in the print edition of The Straits Times on August 14, 2019, with the headline 'Cryptocurrency industry seeks feedback on code of practice'. Print Edition | Subscribe