Singapore Brings Banks and Cryptos Closely

The Central Bank of Singapore and the security authorities announced a large report, to help banks in Singapore on how to handle the crypto accounts.

The project runs for 6 months and includes all the standards that any bank should follow for investing or storing crypto assets. Crypto assets include the majority of cryptos, stablecoins, NFTs and every transaction around them.

There are no prohibiting rules that don’t allow cryptos and transactions through banks in Singapore but there is a definite need for a regulatory framework, that will protect investors and banks.

The example will be followed from other countries sooner or later, showing how cryptos will enter our life.