Singapore Encryption Association introduces code of practice for cryptocurrency

According to Cointelegraph, the Singapore Cryptography and Startup Association (ACCESS) and the multinational law firm Linklaters have developed a code of conduct. According to a report published by the Global Legal Post on August 19th, ACCESS was supported by the Singapore Monetary Authority (MAS), which also consulted the Singapore Banking Association to launch the new initiative. The new Code is part of the “Encryption Entity Standardization”, which provides detailed anti-money laundering and anti-terrorist financing (AML/CFT) guidelines (including KYC best practices) for entities in the crypto-asset industry. The new guidelines aim to further promote regulatory compliance and address concerns related to anti-money laundering/terrorist financing risks.