Merkle Science Becomes Official Sponsor of ACCESS Code of Practice to Help Ensure Transparency in Cryptocurrency Use Cases
Singapore, 26 October 2020: Merkle Science, a leading provider of blockchain transaction monitoring and intelligence solutions, is now an associate sponsor of Code of Practice, launched by the Association of Crypto-Currency Enterprises and Start-ups Singapore (ACCESS). Facilitated by the Monetary Authority of Singapore (MAS) and developed in consultation with The Association of Banks in Singapore (ABS), the Code of Practice is a ground-up collaborative effort by the industry to develop a set of guidelines to help digital asset players strengthen regulatory compliance and enhance conduct.
ACCESS promotes standardized practices based on its industry code of practice (the “Code”) targeted at cryptocurrency industry participants (“crypto-firms”) operating in Singapore. The objectives of this Code are to set out standards of good practice of AML/CFT measures that crypto-firms may wish to comply with on a voluntary basis and to be an industry standard to ensure that crypto-firms have put in place sufficiently robust AML/CFT measures, taking into account their ML/TF risk assessments.
“ACCESS is pleased to see the Code of Practice being adopted by crypto firms, such as our associate sponsor, Merkle Science. The chapters of the Code on screening, transaction monitoring, and record keeping provide regulatory guidance on key operational capabilities required to support processes for Virtual Asset Service Providers (VASPs), in line with the FATF Travel Rule and licensing guidelines in the Payment Services Act.”
Mr. Anson Zeall, Chairman, ACCESS
“As a company which is headquartered in Singapore and works to prevent crypto crime, ACCESS is our natural ally. Our decision to sponsor the ACCESS Code of Practice is driven by our common agenda to prevent the illicit use of cryptocurrencies and accelerate the adoption of digital currencies in the country.”
Mr. Mriganka Pattnaik, Co-Founder and CEO, Merkle Science
Given the dynamic nature of the industry, the Code of Practice is expected to evolve over time in a collaborative manner. It will be updated from time to time to ensure continued relevance to practitioners, and to take into account new legislation and guidelines.
To fund the ongoing costs, the Code of Practice is available for download to all members of ACCESS at a members’ fee here and to members of the public at a listed fee here.
About Merkle Science
Merkle Science provides blockchain transaction monitoring and intelligence solutions for cryptoasset service providers, financial institutions and government agencies to detect, investigate and prevent the use of cryptocurrency for money laundering, terrorist financing, and other criminal activities. Merkle Science is headquartered in Singapore with offices in Bengaluru, Seoul, and Tokyo and backed by Digital Currency Group, Kenetic, SGInnovate, and LuneX.
About ACCESS
ACCESS is a non-profit organization for the cryptocurrency and blockchain industry in Singapore. Members represent a spectrum of businesses within the Singapore blockchain and cryptocurrency space, including exchanges, merchant transaction services, vending machines suppliers, and miners, and abide by a Code of Conduct that is in line with our mission statement. ACCESS has grown its membership from 7 companies since its establishment in 2014 to over 400 companies as of August 2020.
