Singapore Authorities Collaborate with Local Banks to Establish Unified Crypto Standards
Singapore's central bank, the Monetary Authority of Singapore (MAS), is reportedly working closely with local banks to develop unified standards for evaluating potential clients in the cryptocurrency and digital assets sector. This initiative aims to streamline the account-opening process for digital asset service providers and facilitate better cooperation between banks and the crypto industry.
The project, which has been ongoing for approximately six months, is expected to produce a report outlining best practices in due diligence and risk management within the next two months. According to insiders, the guidelines will apply to companies providing payment, trading, and transfer services for assets such as stablecoins and non-fungible tokens (NFTs).
Despite the establishment of these unified standards, individual banks will still be able to decide whether or not to accept clients based on their risk appetites. Many traditional banks have been hesitant to engage with the crypto industry due to concerns surrounding price volatility and potential regulatory issues. Failures of prominent players like Terraform Labs and FTX have exacerbated these concerns.
The closures of Silvergate Bank and Signature Bank, both of which were known for their crypto-friendly policies, have put further pressure on crypto companies to seek new banking partnerships. The MAS has emphasized that there are no regulations prohibiting Singapore banks from working with crypto or other digital asset companies.
Ultimately, banks will have to find a balance between commercial considerations and business risk tolerance when deciding whether to initiate or maintain relationships with specific crypto-related firms. Singapore authorities have already introduced a licensing system to regulate the crypto industry, and stricter regulations for individual investors' crypto transactions are being considered following market disruptions caused by companies such as Terraform Labs and Three Arrows Capital (3AC).
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