ACCESS and TEA Launch the SPICE Program with Support from Regulator and Banks
On 28 November 2018, Singapore, ACCESS, the leading Singapore cryptocurrency and blockchain industry association, in partnership with the Token Economy Association (TEA), announced the launch of Standardisation of Practice In Crypto Entities program (SPICE).
SPICE is an industry driven initiative to promote best practices to strengthen and complement regulatory compliance for the sector.
Overall the program seeks to:
● find solutions for issues faced by the digital asset community,
● respond to regulatory initiatives on behalf of the community,
● actively engage with regulators, banks, legal and accounting firms,
● assist and distribute information to members.
The first phase of the program is to create an industry-wide Code of Practice. The code will set out Know Your Customer (KYC), Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) best practices. SPICE will work closely with the regulator, banks and relevant stakeholders to ensure the code adequately addresses each of these risks.
TEA, with their specialized skills and experience in ICO (Initial Coin Offering) controls and governance, will provide support in delivering the ICO elements to the code.
According to Development Asia, Asian countries are leading in the development of digital assets. They noted in 2017 the region had seen a 50 percent rise in digital asset jobs. While, LiveCoinWatch cited that Asian digital asset traders account for 75 percent of all altcoin transactions taking place across the globe, reinforcing the rapid growth and lead the region is taking.
Anson Zeall, Chairman of ACCESS, said: “We are excited to launch the SPICE program with our fellow industry partners. As digital assets move in to the mainstream financial sector, more than ever, there is a need for partnership among all stakeholders to ensure the digital asset industry gain vital financial access.
“Strengthening regulatory compliance within the industry is an important step in the right direction towards this goal.
“We intend to work very closely with the banks, regulator and our members to create a mutually beneficial competitive environment for these companies to succeed.”
Hock Lai Chia, Chairman of TEA, said: "The community is united in working on this industry driven initiative. While it will be a multi-stage program, we aim to standardize business practice for digital asset businesses, upskilling the capabilities of the industry. We look forward to further developments to come in the coming months.”
Executive editor： Red