Guidance for Singapore Crypto ApplicantsDavid Kemp
Singapore is a progressive country where the government takes care of the population and is doing all possible to meet the needs of the nation. It’s essential to note that there are many industries and spheres where people can reveal their full potential and bring lots of use to the society by devoting their time and efforts to the field of activity they involve. This statement can be easily applied to the majority of industries, including the local crypto community.
Singapore has its code of practice. This document offers practical guidance for all crypto applicants seeking to obtain licensing and certification. Also, the country’s crypto space is a great association that is ready to provide all the required resources for local companies. At the same time, their major role and mission will remain the navigation of new regulatory requirements.
As news agencies announce, all cryptocurrency brands based in Singapore from now on are allowed to draw upon detailed direction and guidance for applicants seeking to obtain licensing. They will be of use while offering various regulated services across the entire city-state. Professionals emphasize the importance of the actions the local authorities take to provide safety and security to all crypto participants.
A few days ago, the association issued its newly developed Code of Practice. As regulators state, the document is necessary for the crypto market if we wish to help all crypto companies in their applications. Payments service licenses will be one of the main reasons why regulators found it useful to adjust the current code and make it more suitable for all users.
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Official representatives emphasize that the license has always been mandatory. This is how entities willing to provide specified payment services acted and operated. This included digital payments, too. More than that, the system permitted trading of digital tokens. We should remind you that the country’s Payment Services Act was issued more than half a year ago. ACCESS is the association that used to have the support of the MAS, which is the country’s Monetary Authority.
Additionally, news agencies report that all parties are now in the process of preparing the new code of practice. Its major role was to give consultation and advice to the financial institutions and help them strengthen their methods and approaches. They were responsible for establishing clear practical regulatory guidance. If authorities consider this point, then the crypto market can guarantee successful license applications. Some participants admit that the association believes that it’s essential to provide all players with a guide.
As many expect, this instrument will be detailed and standardized. Representatives claim that this tool is great while fighting terrorism and money laundering. Officials have spent two years while developing the new code and its principles. This document caters to the licensing and provisions and points out what travel rules authorities apply. The latter aspect is an important framework of a global scale. It now requires crypto platforms to adjust their regulatory compliance and make it suitable for traditional financial institutions that have certain expectations and needs.
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