The Monetary Authority of Singapore (MAS) is reportedly working on guidelines to assist local banks in vetting and providing banking services to cryptocurrency clients.

See related article:Singapore’s MAS says needs to do better job explaining crypto policy

Fast facts

  • Bloomberg reported Thursday, citing anonymous sources, that the regulator aims to clarify the regulatory requirements for servicing cryptocurrency-related businesses and anti-money laundering and counter-terrorist financing measures.
  • According to one of the sources, the initiative targets firms that provide payment, trading, and transfer services for digital assets.
  • It will also encompass stablecoins, non-fungible tokens, and transferable gaming or streaming credits.
  • Singapore has been positioning itself as a hub for cryptocurrency and blockchain innovation, with several major exchanges and companies setting up operations in the city-state.
  • The MAS has previously said that it aims to publish its cryptocurrency and stablecoin consultations feedback by the middle of this year.

See related article: How Singapore’s crypto ambitions are taking shape and what other nations can learn