The new crypto regulations suggested by the Singapore non-profit organization have already had the backing of the country’s central bank, Bank of Singapore.
The practice addressed to digital asset payment providers contains new rules that can help increase the transparency and efficiency of crypto solution providers in the country.
And now, the advice mentioned in the document has been endorsed by the Bank of Singapore.
This non-profit group is known as ‘The Association of Cryptocurrency Enterprises and Start-up Singapore’ which studies blockchain-related developments. There are more than 400 members in the organization who come from several crypto and blockchain backgrounds.
This initiative has the support of the ‘Monetary Authority of Singapore’ which takes an active part in the suggestions presented.
The new crypto regulations for Singapore include regulatory compliance assistance and improving crypto business behavior in the country. In addition, the Association of Banks in Singapore (ABS) also provided valuable advice and information.
The Singapore Payment Services Act says that crypto-related businesses must obtain a license to operate in the country. The action was renewed several months ago.
The new crypto law for Singapore aims to meet the requirements of the Act while raising the standard of compliance for all crypto-related businesses.
In particular, the new guidelines emphasize anti money laundering (AML) and terrorist financing. This provides a standard approach to address the threat of illegal financing activities through improving KYC (Know Your Customer) practices.
Anson Zeall also stated that this guide aims to help local and international virtual payment businesses by facilitating them with license-related services.
The law was developed after two years of brainstorming to ensure that regulations meet regulatory standards in Singapore.
These new crypto regulations also follow the 2019 guidelines issued by the Singapore Financial Action Task Force (FATF).
The supervisory framework suggested by the FATF is also featured in the new code. New crypto regulations for Singapore that are evolutionary in nature and will bring about the necessary changes over time. Let’s wait and see!