Regulators in Singapore are working with traditional banks to develop uniform standards for screening potential crypto users. The collaboration has been ongoing for six months.
According to an April 6 Bloomberg report, the Monetary Authority of Singapore (MAS) is cooperating with the police force to help local banks streamline the account opening procedures of digital asset service providers. After six months of collaboration, the results and conclusions for risk management and due diligence will be published in the next two months.
Potential guidance will also cover the topics of stablecoins, non-fungible tokens (NFTs), and transferable gaming or streaming credits. Likewise, banks will reserve the right to make decisions based on guidelines and their own risk assessment.
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