Singapore plans to create new guidelines for banks to vet cryptocurrency customers, and the central bank and police have been helping banks fine-tune how they vet when opening accounts for all types of digital asset service providers, according to people familiar with the matter.
The project has been in the works for about six months, and an industry report outlining best practices in areas such as due diligence and risk management is likely to be released within the next two months. Stablecoins, NFTs, and transferable game or streaming credits will also be covered by the program.
The plan focuses on companies that provide payment, transaction and transfer services for these assets, and people familiar with the matter said that even with such guidelines, banks will decide whether to accept these customers based on their risk appetite.