In brief: Singapore government to help crypto startups open local bank accounts

Singapore’s financial regulator is willing to lend a hand to cryptocurrency firms having problems setting up local bank accounts, but doesn’t plan to loosen its rules to lure more crypto startups to the country.

“The nature of this business is a bit different, so banks may need to employ other ways in which they can establish bona fide,” Monetary Authority of Singapore (MAS) managing director Ravi Menon said.

Source: Bloomberg

MAS is looking to bring banks and crypto startups together “to see if there is some understanding they can reach.” Local crypto firms have complained about local banks closing their bank accounts, rendering their businesses inoperable. One example is Coinhako, which had a bank account with DBS, one of Singapore’s largest banks.

Advocacy group Singapore’s Cryptocurrency and Blockchain Industry Association (Access) says that over 10 startups have problems maintaining bank accounts with Singapore’s financial institutions.