[Repost] Singapore Digital Asset Industry Launches Best Practices

Original Article on: https://www.finews.asia/finance/27837-singapore-digital-asset-industry-launches-best-practices

Two of Singapore's digital asset associations launched the Standardisation of Practice In Crypto Entities program, an initiative to promote best practices in the sector.

ACCESS, Singapore's cryptocurrency and blockchain industry association and the Token Economy Association (TEA), on Wednesday announces the launch of Standardisation of Practice In Crypto Entities program (SPICE), an industry driven initiative to promote best practices to strengthen and complement regulatory compliance for the sector.

«We are excited to launch the SPICE program with our fellow industry partners. As digital assets move in to the mainstream financial sector, more than ever, there is a need for partnership among all stakeholders to ensure the digital asset industry gain vital financial access,» said Anson Zeall, chairman of ACCESS.

Multi-stage Goals

The first phase of the program is to create an industry-wide Code of Practice. The code will set out Know Your Customer (KYC), Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) best practices. 

Overall the program have the following goals:

  • find solutions for issues faced by the digital asset community,
  • respond to regulatory initiatives on behalf of the community,
  • actively engage with regulators, banks, legal and accounting firms,
  • assist and distribute information to members.

«While it will be a multi-stage program, we aim to standardise business practice for digital asset businesses, upskilling the capabilities of the industry,” said Hock Lai Chia, chairman of TEA. 

Working With Regulator and Banks

SPICE will work closely with the regulator, banks and relevant stakeholders to ensure the code adequately addresses each of these risks, said Zeall. TEA, with their specialised skills in ICO (Initial Coin Offering) controls and governance, will provide support in delivering the ICO elements to the code.

According to Development Asia, Asian countries are leading in the development of digital assets. In 2017 the region had seen a 50 percent rise in digital asset jobs. LiveCoinWatch cited that Asian digital asset traders account for 75 percent of all altcoin transactions taking place across the globe, reinforcing the rapid growth of the region.

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