Singapore authorities will guide banks in identifying potential clients in the crypto and digital asset sectors.
The Central Bank of Singapore and the Singapore police are tightening things up in an effort to curb the problems in the crypto and digital asset sector. Singapore’s authorities will work with lenders to the cryptocurrency sector and digital asset space.
Singapore Takes the Stage With Crypto Guidance
Singapore authorities will guide banks to conduct more thorough scrutiny when creating accounts for crypto and digital asset service providers.
Highlighting the comments of people with knowledge on the subject, Bloomberg stated that the project has been going on for about six months and that a summary report on areas such as due diligence and risk management will be published soon. According to Bloomberg, this Singapore initiative will focus on firms that provide services for payments, trading and transfers of crypto and digital assets.
The collapses of Silvergate Capital and Signature Bank, the US lenders that provide payment services to crypto firms, also prompted customers to look for new banks. Assessing this situation, Singapore will provide guidance to make it easier for lenders to focus on these sectors.
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