The Singaporean Association of Cryptocurrency Enterprises and Startups (ACCESS) has recently partnered with Linklaters, an international legal company, in order to write and publish its Code of Practices. ACCESS was fully supported by the local regulator, the Monetary Authority of Singapore, in order to launch this new document.
The new code will define the good practices in the industry, which should be followed by the members of the organization. The main idea was to standardize the good practices and to help companies that didn’t know how to proceed in some important topics.
For instance, the project provides a very detailed Anti-Money Laundering (AML) guideline that should be used by the companies to become fully legalized and not have any kind of issue with the regulators. Another reason for the creation of the code is to tackle any concerns that the government or local companies could have with proper compliance.
Linklater’s head of financial regulations Peiying Chua has affirmed that this has the potential to be an industry-changing initiative that will certainly improve the quality of the services that are being offered in the country and will help Singapore’ s reputation to become more famous.
ACCESS’ chairman Anson Zeall has also commented on the launch. He affirmed that Singapore will become more competitive internationally with the help of the new measures and that following the best practices will help businesses to cut down their costs and to stand out in the sector internationally.