In Singapore, a new development has been made as to how regulation has to take place as far the digital currency is concerned. ACCESS (the association of cryptocurrency enterprises and startups) has formulated a new code of practice; this will be as a part of the partnership with Linklaters, the multinational law firm. It is important to address that ACCESS has the support of MAS in this initiative, which is the monetary authority od Singapore.
This new initiative taken by ACCESS is taking a step forward, in order to curb the money laundering and as a part of the anti-money laundering and countering of financing of terrorism policy, it is believed that this new code of practice might as well be inclusive of the mandatory Know Your Customer that came into practice a while being.
The authorities in Singapore have made it pretty clear that this step is taken concerning how competitive the market in Singapore has become at the international level. Moreover, the authority also went onto state that the tax that would soon be imposed about payment through digital currency will help with the massive reduction in the hazards and expenditures in the industry.
As of now, speculations are going on in the market regarding the impact this step would make when it comes to reducing the malpractices in the sector of cryptocurrencies.