On Aug. 13, the Association of Cryptocurrency Enterprises and Startups, Singapore (ACCESS), rolled out its new Code of Practice to help these firms in their applications for a payments service license.

The license has been mandatory for any entity looking to provide specified payment services — including digital payments and the trading of digital tokens — since Singapore’s Payment Services Act came into force in January of this year.

ACCESS had the support of the Monetary Authority of Singapore (MAS) — the country’s central bank and regulatory authority — in preparing the new code of practice. It also consulted the Association of Banks in Singapore to help cement its approach and establish clear practical regulatory guidance for successful license applications.

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