The Monetary Authority of Singapore (MAS) has collaborated with traditional banks to create standardized criteria for vetting new customers from the cryptocurrency sector. This move aims to help local banks streamline the process of creating accounts with digital asset service providers.

In collaboration with the police forces, MAS seeks to establish standards and procedures that facilitate the security screening of cryptocurrency customers and ensure the safety of financial transactions.

This move is crucial to ensuring the safety and transparency of the digital financial sector, particularly in light of the increasing use of cryptocurrencies worldwide and the resulting security and legal challenges.

It is worth noting that there are currently no restrictions preventing banks from collaborating with digital asset providers, according to MAS representatives.