Industry group here working on code for digital token sector

The Token Economy Association is already working with the Association of Crypto-Currency Enterprises and Start-ups Singapore to launch a code that spells out best practices in a range of areas.
The Token Economy Association is already working with the Association of Crypto-Currency Enterprises and Start-ups Singapore to launch a code that spells out best practices in a range of areas.PHOTO: SCREENGRAB FROM TEASINGAPORE.ORG

An industry association that will oversee digital tokens such as bitcoin and devise efficient ways to regulate the sector officially started here yesterday.

The Token Economy Association (TEA) is already working with the Association of Crypto-Currency Enterprises and Start-ups Singapore to launch a code that spells out best practices in a range of areas. These include anti-money laundering, ways to stop terrorism financing and due diligence procedures so customer identities can be authenticated.

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A version of this article appeared in the print edition of The Straits Times on November 30, 2018, with the headline 'Industry group here working on code for digital token sector'. Print Edition | Subscribe