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Singapore Developing Guidelines for Banks on Crypto Clients: Bloomberg

The Monetary Authority of Singapore (MAS) is reportedly working on guidelines to assist local banks in vetting and providing banking services to cryptocurrency clients.

Bloomberg reported Thursday, citing anonymous sources, that the regulator aims to clarify the regulatory requirements for servicing cryptocurrency-related businesses and anti-money laundering and counter-terrorist financing measures.

According to one of the sources, the initiative targets firms that provide payment, trading, and transfer services for digital assets.

It will also encompass stablecoins, non-fungible tokens, and transferable gaming or streaming credits.

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