Singapore’s central bank and police forces have been assisting banks in developing common criteria for perfecting their account opening vetting system when opening crypto accounts.
According to the Bloomberg article, the research has been continuing for about six months. The sources told Bloomberg that a different industry study, which is anticipated to define best practises in areas including due diligence and risk management, might be released in the next two months. Stablecoins, non-fungible tokens (NFT), and gaming credits would all be covered in the research that focuses on companies that offer payment services. “Banks operating in Singapore are not prohibited by any regulations from working with crypto/DPT players. “Banks are obligated to execute customer due diligence steps to identify and manage the risk(s) posed by them, just as with any other current or potential client,” a spokesperson for the Monetary Authority of Singapore stated.
According to the MAS, banks operating in the nation are not prohibited from doing business with companies that deal with cryptocurrencies or other types of digital assets. Bloomberg’s sources state that “even with such standards, the banks will determine whether to accept these clients based on their appetite for risk.”