Crypto.com is a major cryptocurrency platform that provides the latest alternative modes of managing money and other financial services with over a million users. Recently it has declared that it would extend and raise its sponsorship to Platinum level for the Code of Practice of ACCESS. Code of Practice is–a module under the Standardization of Practice in Crypto Entities (SPICE) initiative developed by the Association of Cryptocurrency Enterprises and Startups (ACCESS), Singapore. Currently ACCESS has a membership of 400 companies, is a not-for-profit organization and provides various services to the cryptocurrency and blockchain industry in the country. Its unique feature is the creation of a single platform for fintech enterprises, through which they can interact with regulators and the community in general.
ACCESS is helping the digital currency domain to grow in Singapore, and now Crypto.com has also joined the bandwagon by announcing its support for SPICE and its Code of Practice. This would help the digital asset industry in the country in terms of creating the right conditions for the cryptocurrency and blockchain companies. This, in turn, would bring the use of alternative financial services and technology into the mainstream as the sector sees rapid growth. SPICE was developed after consultation with The Association of Banks in Singapore and is facilitated by the MAS (Monetary Authority of Singapore). It constitutes one of the chief initiatives of the industry for advocation and promotion of best practices to make regulatory compliances stronger and more robust.
The COO of Crypto.com has said in this regard:
Singapore has vibrant crypto and the blockchain community is well-positioned to play a role in leading the crypto industry forward. It is also an important market for Crypto.com. By elevating our sponsorship commitment with ACCESS, we hope to play a part in its industry-wide initiatives to foster dialogue and build a sustainable environment for crypto companies in the city.
The Chairman of ACCESS, Anson Zeall, has commented:
On behalf of the industry, ACCESS would like to thank Crypto.com for its generous support. The first of its kind in Asia, the Code of Practice aims to instill top quality regulatory compliance standards amongst digital asset companies with operations in Singapore.
He also said how the Code of Practice constitutes a key component of the larger SPICE initiative that has brought both public and private sectors together. An important benefit of this is that it would encourage financial inclusion, address risks as well as provide a strong base for crypto businesses, blockchain and financial technology to go for alternate and out of the box technologies. This is anticipated to create a conducive and positive environment for the industry to reach greater heights in the country.