According to insiders cited by Bloomberg, the Monetary Authority of Singapore has been collaborating with local banks and law enforcement to establish universal guidelines for opening cryptocurrency company accounts.
This initiative has been in progress for half a year, and a comprehensive report on best practices for customer due diligence and risk management is anticipated to be published within the next two months.
The report will focus on stablecoins, NFTs, and in-game currencies for financial service providers.
The Singaporean Central Bank stresses that there are no restrictions for banks to partner with digital asset or cryptocurrency firms.
Banks must assess and comprehend the hazards posed by clients and may autonomously choose to collaborate based on commercial interests and risk factors.
The project was launched following the fall of Terraform Labs and Three Arrows Capital, and DBS, a local bank, has been providing bitcoin and ether trading services to institutional clients for an extended period.