The Association of Cryptocurrency Enterprises and Startups, or ACCESS, based in Singapore launched legislation recently. This new set of protocols aims to provide a framework for crypto startups to gain requisite operational licenses. Those without the necessary permits cannot offer payment transactions, such as online payments and tokens. This is based on the recent Payment Service Act that came into effect in the early stages of 2020.
Table of Contents
Looking Into Singapore’s New Code Of Practice And How It Impacts Crypto
The framework prepared by ACCESS has received approval from financial authorities in Singapore. In addition, ACCESS worked with the Association of Banks of Singapore to gain valuable insight for correct licensing procedures. One of the main features of the guide is what to include, so a crypto firm’s application is indeed approved.
Another aim was to show the most up to date Anti-Money Laundering and anti-financial terrorist strategies. In total, these series of documents took approximately two years to draw up. It had to bear the restrictions of the Payment Service Act and Financial Action’s Task Force travel requirements. The second body is a worldwide legislation that expects cryptocurrency institutions to operate in a similar way to conventional organizations.
Feedback On The New Guidelines
The Monetary Authority of Singapore, or MAS, director of fintech, Sophendu Mohanty shared the organization’s thoughts. He stated how the central bank of Singapore was glad to see the unveiling of these guidelines within the country. Furthermore, he shared how fintech can rework the current environment for financial transactions. Adding that the main obstacle is to achieve good regulation, while not stymying new opportunities.
Traditional analysts and those within the media have also chipped in, many have been elated over the launch. Moreover, they feel that while in the immediate term, there will be growing pains, the payoff will be worth it. Furthermore, they feel that this series of protocols will go on to add further credentials and growth for the industry.
A $50 Million Investment Is Made Into BlockFi
BlockFi is a prominent crypto-based debt instrument firm based within the United States. It has just completed a further round of investment, this time including the asset firm Morgan Creek Digital. Morgan Creek or Pomp is owned by Anthony Pompliano, has announced how Pompliano will be joining BlockFi’s board. Morgan Creek has pushed initially $18 million, then $30 million, and now $50 million into this project.
However, they are not the only key firms to be interested, others include Winklevoss Capital, Valar Ventures, and Kenetic Capital. This new round of funding was achieved as BlockFi has seen earnings over $100 million. Their total assets have grown to over $1.5 billion and are continuing to grow. BlockFi shared how there new funding would be utilized for further development and the launch of a Bitcoin credit card.
The card is a completely new concept to market, as it will be the original crypto-based rewards card. Customers will be able to receive cashback in their favorite cryptocurrencies, including Bitcoin.
You Might Also Like:
- Ethereum Hopeful For A New Price High And Bitcoin Wallet Milestone
- Binance Applies For Singapore Crypto License As Bitcoin Still Hopeful Of $11,700
- A Cryptocurrency Scam Was Thwarted Recently Near Singapore