The Singapore Crypto Association (ACCESS) has developed a ‘Code of Practice’ which targets all cryptocurrency participants in Singapore. ACCESS has the support of the Monetary Authority of Singapore(MAS).

The code sets out standards of good practice regarding anti-money laundering and countering the financing of terrorism measures for crypto firms. These firms have to comply with the code on a voluntary basis. It will also help banks and industry players to sieve out the bad. This is because the quality licensed blockchain and crypto-asset businesses can grow here in a bigger way. Also, it will make a stronger imprint on the global stage.

The code is a part of ACCESS’s broader, industry-driven Standardisation of Practice in Crypto Entities (SPICE) initiative. It aims to formulate and promote industry best practices. ACCESS is also working with industry leaders so as to provide practical guidance around best practices for numerous cryptocurrency exchanges in Singapore. The code also advises crypto companies to assess the AML/CFT risks arising from their activities and clientele.

Peiying Chua, who leads the Linklaters financial regulation practice in Singapore, said they are honored to be appointed as the law firm driving this inaugural industry-changing initiative. As per the source, ACCESS will compile feedback from the public on the code until September 10, 2019.