Singapore MAS is working on new guidelines for standards for checking crypto bank accounts

Singapore MAS is working on new guidelines for standards for checking crypto bank accounts

The Singapur's authorities reinforce their efforts to present a number of guidelines for banks to check crypto customers. For example, the banks of the city state have been working together with the authorities to establish uniform standards for screening potential customers from the crypto industry.

According to a Bloomberg report, the Monetary Authority of Singapore (MAS) has also joined the cooperative approach of banks and the police, which deals with the fine-tuning of the review approach in relation to the opening of accounts for service providers in all types of digital assets.

Singapore new approach

A separate -comprehensive report is created that focuses on companies that offer payment services and will cover areas such as stable coins, NFTS and game loans. It is also expected that it will be outlining best practices in areas such as Due Diligence and Risk Management and is expected to be released in the next two months.

There are currently no rules that prohibit the banks working in the country to do business with companies that deal with cryptocurrencies or other forms of digital assets, as confirmed by the Singapore Central Bank. The sources familiar with the matter continued to say that the banks would continue to reserve the right to accept these customers on the basis of their willingness to take risks, even if such guidelines are present.

without the project to indicate the project, the MAS representatives said:

"As with any other current or potential customer, banks have to carry out DUE diligence measures for customers in order to understand and control the risks they have from them. Banks themselves decide whether they start or continue bank relationship with a customer, and weigh between commercial considerations and tolerance towards business risks."

crypto problems in Singapore

Singapore had previously positioned itself as an important financial center that attracts crypto companies that are looking for greener pastures.

The failure of companies, including Terraform Labs (TFL) and the crypto hedge fund Three Arrows Capital (3AC), forced the supervisory authorities in the city state to strengthen the monitoring of the sector and at the same time propagate stricter regulations for the crypto retail.

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