Singapore’s central bank backs new code of practice for crypto companies

posted 9 months ago
A Singapore cryptocurrency industry non-profit has released a code of practice for digital asset payment providers that was guided by the city-state’s central bank

The Monetary Authority of Singapore "facilitated" the initiative, aimed to assist regulatory compliance and enhance crypto industry conduct, while the Association of Banks in Singapore (ABS) also helped with its development. The guidance is designed around the requirements of the country's Payment Services Act, which was updated early in 2020 to require digital asset businesses operating in Singapore to register for a license, and provides KYC guidelines.
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