Singapore to introduce uniform screening standards for crypto bank accounts

Singapore regulators enactment unneurotic with accepted banks to make azygous standards for screening imaginable customers from the crypto industry. The collaboration has been ongoing for the past six months. 

According to a Bloomberg report from Apr. 6, the Monetary Authority of Singapore (MAS) has been moving alongside the constabulary forces to assistance section banks optimize their procedures for opening accounts of integer plus work providers. After fractional a twelvemonth of cooperation, its results and conclusions for hazard absorption and owed diligence would beryllium published successful the adjacent 2 months.

The imaginable guidelines volition besides screen the topics of stablecoins, nonfungible tokens (NFTs) and transferable gaming oregon streaming credits. At the aforesaid time, the banks volition reserve the close to marque decisions based not lone connected guidelines but besides connected their ain hazard assessment.

Related: Singaporean women ‘outperforming’ men successful crypto trades, survey reveals

As the MAS representatives specified to journalists, currently, determination are nary rules prohibiting the banks from moving with integer plus providers:

“Banks marque their ain determination of whether to commencement oregon proceed a banking narration with a customer, balancing betwixt commercialized considerations and concern hazard tolerance.” 

Singapore has established itself arsenic a hub for crypto businesses owing to its flexible taxation policies, entree to divers tech endowment and convenient location, which allows companies to run smoothly wrong the portion successful Asian clip zones. However, successful precocious 2022 the MAS proposed banning integer outgo token work providers from offering “any recognition facility” to consumers, including some fiat and cryptocurrencies. Back then, section crypto lobbyists voiced their opposition to the proposal. 

Currently, the section enforcers are conducting a probe connected to failed Terraform Labs and its co-founder Do Kwon. The consequent illness of the Terra ecosystem caused a large implosion successful the integer plus market, with losses of astir $40 billion.

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