CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$26,482.00
  • ethereum
    ETH$1,844.45
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » Singapore’s MAS Working on New Guidelines for Crypto Bank Accounts Screening Standards

    Singapore’s MAS Working on New Guidelines for Crypto Bank Accounts Screening Standards

    Author: Chayanika Deka

    Last Updated Apr 6, 2023 @ 15:21

    The MAS confirmed that there are no rules barring Singapore banks from doing business with firms engaing in crypto and digital assets.

    Singapore authorities are doubling down on efforts to unveil a set of guidelines for banks on vetting crypto clients. As such, the banks in the city-state have been working with the authorities for the last six months 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 collaborative approach led by banks and police involving fine-tuning the vetting approach with respect to opening accounts for service providers in all types of digital assets.

    Singapore’s New Approach

    A separate comprehensive report will be prepared to focus on companies offering payment services and will cover areas such as stablecoins, NFTs, and gaming credits. It is also expected to outline best practices in areas like due diligence and risk management and is expected to be published in the next two months.

    Currently, there are no rules prohibiting banks operating in the country from engaging business with firms handling cryptocurrencies or other forms of digital assets, as confirmed by the Singaporean central bank. The sources familiar with the matter further said the banks will continue to reserve the right whether to accept these clients based on their risk appetites even with such guidelines in place.

    Without specifying any details of the project, the MAS representatives said,

    ADVERTISEMENT

    “As with any other current or prospective customer, banks are required to conduct customer due diligence measures to understand and manage the risk(s) posed by them. Banks make their own determination of whether to start or continue a banking relationship with a customer, balancing between commercial considerations and business risk tolerance.”

    Crypto Troubles in Singapore

    Singapore had earlier positioned itself as a key financial hub attracting crypto companies looking for greener pastures.

    However, the failures of companies, including Terraform Labs (TFL) and crypto hedge fund Three Arrows Capital (3AC), have forced the regulators in the city-state to increase scrutiny in the sector while proposing stricter regulations on retail crypto trading.

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • Vauld_Singapore
      Vauld Scores Another Creditor Protection Extension From Singapore High Court
    • Zipmex_Resume
      Zipmex's Restructuring Plan Greenlighted by the Singapore High Court
    • Singapore
      Binance's Custody Arm Looking to Score Singapore License
    Tags: Singapore
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Chayanika Deka
    More posts by this author

    Chayanika has been working as a financial journalist for four years. A graduate in Political Science and Journalism, her interest lies in regulatory implications with a focus on technological evolution in the crypto realm. Contact:Linkedin

  • bitcoin
    BTC$26,482.00
  • ethereum
    ETH$1,844.45
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    What is a Meme Coin? The Biggest Meme Coins You Must Know About

    What is a Meme Coin? The Biggest Meme Coins You Must Know About

    The Weaknesses of Ethereum VS Modern Blockchains: Interview With Radix

    The Weaknesses of Ethereum VS Modern Blockchains: Interview With Radix

    Institutions Intend to Buy Bitcoin in Late 2023: Interview With CryptoQuant

    Institutions Intend to Buy Bitcoin in Late 2023: Interview With CryptoQuant

    Why Didn’t ETH Dump After Shanghai? Interview With Nansen

    Why Didn’t ETH Dump After Shanghai? Interview With Nansen

    What is PEPE Coin? Is This the Next Huge Memecoin?

    What is PEPE Coin? Is This the Next Huge Memecoin?

    What is the Ethereum Shanghai (Shapella) Upgrade? Everything You Need to Know

    What is the Ethereum Shanghai (Shapella) Upgrade? Everything You Need to Know

    15 Months Later, What Changed Since November 2021? Interview With Phantom Wallet CEO

    15 Months Later, What Changed Since November 2021? Interview With Phantom Wallet CEO

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!