Singapore's central bank and police authorities have been working with banks to set uniform standards for vetting approaches when opening crypto accounts. The project has been ongoing for about six months, and a separate industry report outlining best practices in areas like due diligence and risk management could be published in the next two months. The report would cover stablecoins, NFTs, and gaming credits. The Monetary Authority of Singapore (MAS) stated that there are no rules stopping banks operating in the country from doing business with firms handling cryptocurrencies or other forms of digital assets. However, the banks will decide whether to accept these clients based on their risk appetites. This comes as US authorities have been cracking down on banks that serve crypto customers, leading to crypto companies scrambling to find banking partners and jurisdictions to conduct business.

(By Amitoj Singh)