Singapore to Roll Out Crypto Client Screening Guidelines

MAS spokesperson claimed that banks aren’t prohibited from working with crypto-related clients.

Singapore authorities are allegedly working on establishing a uniform evaluation standard for clients active in the crypto industry.

According to the Bloomberg report shared on April 6th, Singapore regulators have been working hand in hand with the traditional banks for the past six months.

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In particular, based on a Bloomberg report, the Monetary Authority of Singapore (MAS), in cooperation with local police, has been working with banks to refine the account-opening process for digital asset service providers.

After six months of joint efforts focusing on risk management and due diligence, it is believed that guidelines will be published in the next two months.

The people familiar with the matter revealed that the upcoming guidelines would also discuss stablecoins, non-fungible tokens (NFTs), and transferable gaming or streaming credits.

However, despite the launch of new guidelines, banks will maintain their ability to make decisions based on their own risk assessment. The spokesperson for MAS highlighted that banks aren’t banned from working with digital asset providers by stating:

Banks make their own determination of whether to start or continue a banking relationship with a customer, balancing between commercial considerations and business risk tolerance.

It is worth noting that recently the Independent Reserve Cryptocurrency Index (IRCI) report revealed that 37% of the surveyed Singaporean women and 48% of men in Singapore hold cryptocurrencies. On top of that, the report revealed that females are more bullish than males.

by Gile K. – Crypto Analyst, BitDegree

SOURCE: COIN JOURNAL