Singapore authorities are collaborating with banks in the country to establish uniform standards for screening potential customers from the crypto and digital assets sectors.

The central bank and police have been working with banks for about six months to refine their vetting approach when opening accounts for service providers in all types of digital assets. An industry report outlining best practices in due diligence and risk management may be published in the next two months, covering stablecoins, non-fungible tokens, and transferable gaming or streaming credits.

However, banks will still decide whether to accept these clients based on their risk appetites, despite the new guidance.