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The Association of Cryptocurrency Enterprises and Startups, Singapore (ACCESS) has established a new Code of Practice together with multinational law firm Linklaters, targeting cryptocurrency entities operating in Singapore.
As per a press release, the latest initiative is within the scope of ACCESS’ “Standardisation of Practice in Crypto Entities (SPICE),” which provides detailed guidelines on anti-money laundering (AML) and counter the financing terrorism (CFT) and regulates which businesses need to comply with protocols including know your customer (KYC).
“This initiative will enhance the conduct of crypto-asset and blockchain companies in Singapore and further cement Singapore’s reputation as a leading jurisdiction in the blockchain and fintech space,” Peiying Chua, head of Linklaters financial regulation practice in Singapore, said.
The new code aims to promote industry best practices by strengthening regulatory compliance in the digital asset industry, highlighting the relevance of partnership, and striking a balance to promote financial inclusion.
“SPICE underscores the strong partnership to support the growing digital asset industry in Singapore. It aims to remove some roadblocks which have been hindering the growth of the sector. 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,” Anson Zeall, ACCESS Chairman, said.
SPICE is being facilitated by the Monetary Authority of Singapore (MAS) – the country’s central bank and regulatory authority – and developed in consultation with the Association of Banks in Singapore (ABS).
ACCESS said it is also reportedly working with industry leaders to provide practical guidance around best practices for different Singapore-based cryptocurrency exchanges. The working group is co-headed by crypto exchange Luno and includes Paxos, Quoine, and Xfers.
Public feedback is now open regarding the proposed code from August 13 to September 10, 2019.
The new move comes after the Inland Revenue Authority of Singapore (IRAS) in June published a new guide with regard to the Goods and Services Tax (GST) on the matter of crypto payments. IRAS basically wants to modify the categorization of “digital payment tokens” so it would become exempt from GST.
Earlier this year, the MAS revealed its plan to introduce a regulatory framework for cryptocurrency exchange services, in a bid to provide a forward-looking and flexible framework for the regulation of payment systems and payment service providers in the country.
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