Sources say a report outlining best practices in areas like due diligence and risk management may be published in the next two months.
The lenders are collaborating with the central bank and police to fine-tune their vetting approach when opening accounts for service providers in all types of digital assets, according to people with knowledge of the matter.
Stablecoin, non-fungible tokens as well as transferable gaming or streaming credits will also be covered under this initiative that focuses on firms providing services in payments, trading and transfers of these assets, one of the people said. The crypto industry has long struggled for ready access to traditional banks, many of whom remain wary of the volatility in digital assets and potential regulatory heat, particularly in the wake of high-profile failures at firms from FTX to Terraform Labs. The collapses of US lenders Silvergate Capital Corp. and Signature Bank, which provided payment services for crypto firms, have also set clients scrambling for new banks.
"As with any other current or prospective customer, banks are required to conduct customer due diligence measures to understand and manage the risk posed by them,” the MAS said, without commenting on the project."Banks make their own determination of whether to start or continue a banking relationship with a customer, balancing between commercial considerations and business risk tolerance.
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