ACCESS launches Virtual Asset Payment Group to Support Implementation of Singapore’s Payment Services Act

by ACCESS Singapore

SINGAPORE, 17th November 2021 - The Association of Cryptocurrency Enterprises and Start-ups, Singapore (ACCESS) has officially launched the Virtual Assets Payment Group (VAPG), which will help promote sustainable growth for the digital assets ecosystem and strengthen regulatory engagement with regional regulators, including the Monetary Authority of Singapore.

A Sub-Committee of the VAPG has been formed to formulate and discuss key topics for regular discussions, in order to provide targeted regulatory input and feedback to regulators on legislation development, implementation, and progress. The Sub-Committee includes a broad and diverse group of digital asset ecosystem players, including international and domestic exchanges, brokers, protocols and solution providers. Based on voluntary submissions which were reviewed by the ACCESS Board, the VAPG Sub-Committee includes over 20 key digital asset players such as Coinbase, Crypto.com, Wirex, Cumberland, Independent Reserve, FOMO Pay, Coinhako, Xfers, Liquid, QCP, OSL, Sygna Bridge, Elliptic, Chainalysis and other entities. Supporting industry associations include the International Digital Asset Exchange Association (IDAXA) and the Singapore Fintech Association.

Mr Anson Zeall, Chairman of ACCESS, said, “ACCESS is the largest and oldest industry association representing cryptocurrency firms in Singapore, supporting the responsible usage of virtual assets. In line with this commitment to champion sustainable innovation and mitigate risks from virtual assets, in June 2020, ACCESS launched the Code of Practice, which aims to be an industry standard to ensure that crypto-firms have put in place sufficiently robust AML and CFT measures while taking into account their risk assessments. Based on this year’s theme at Singapore Fintech Festival (SFF), which is Web 3.0, many of the conversations were driven in a large part by decentralized blockchain technologies such as DeFi and NFTs. We welcome the open dialogue approach from SFF on how Web 3.0 will shape new business models, job growth and the new digital economy. The formation of the VAPG is our commitment to continue fostering open dialogue with both private and public sectors on Web 3.0 and the application of the Payment Services Act 2019 in the virtual asset space with its regulated players.”

The topics to be tabled for discussion in the first VAPG Sub-Committee roundtable to be held on the 18th of November 2021 will include:

  • Characterisation of stablecoins, to assess whether stablecoins should be categorized as a new asset class or as e-money
  • Scope of services applicable for digital payment token service providers
  • The extra-territorial scope of the PS Act, and whether there should be a clearer exemption framework created by entities carrying out proprietary trading services for intra-group and/or institutional investors
  • Applicability of transition regime / transition process recommendations

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About the Association of Cryptocurrency Enterprises and Start-ups, Singapore (ACCESS):

ACCESS is a non-profit organisation for the cryptocurrency and blockchain industry in Singapore. Members represent a spectrum of businesses within the Singapore blockchain and cryptocurrency space, including exchanges, merchant transaction services, vending machines suppliers and miners, and abide by a Code of Conduct that is in line with our mission statement. ACCESS has grown its membership from 7 companies since its establishment in 2014 to over 400 companies today.

Media contact:

Katherine Ng

katherine@access.org.sg

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