ACCESS rolls out Code of Practice to facilitate application of payment service provider licence under Singapore’s Payment Services Act
The Association of Cryptocurrency Enterprises and Start-ups, Singapore (ACCESS) has officially launched a Code of Practice for the industry, as part of its wider Standardisation of Practice In Crypto Entities (SPICE) initiative.
Facilitated by the Monetary Authority of Singapore (MAS) and developed in consultation with The Association of Banks in Singapore (ABS), the Code of Practice is a ground-up collaborative effort by the industry to develop a set of guidance to help digital asset players strengthen regulatory compliance and enhance conduct. This will further cement Singapore’s reputation as a leading jurisdiction in the blockchain and fintech space. For industry players who are looking to apply for a payment service licence, the Code of Practice and its accompanying practice guide provide regulatory guidance to facilitate their licence application.
Under the Payment Services Act, which came into effect in January 2020, all service providers in Singapore are required to apply for an operating licence to provide specified payment services, including digital payments and trading of digital tokens.