New Singapore Industry Association to Promote Bitcoin Use, Best Practices

Bitcoin businesses in Singapore now have a new group to promote their cause, with the formation of the Association of Crypto-Currency Enterprises and Start-ups, Singapore (ACCESS) on 30th May.

ACCESS, which launched publicly just yesterday, represents various businesses within the Singapore bitcoin and other cryptocurrency ecosystem, including exchanges, merchant transaction services, vending machines and miners.

As a condition of membership, members must abide by a Code of Conduct.

Mission and objectives

The Association's Mission is "To facilitate legitimate use of cryptocurrencies in Singapore", and its vision is "to promote Singapore businesses using cryptocurrencies and lower the cost of business transactions".

It wants to promote Singapore globally and industry-wide as the world's premier location for cryptocurrency-related businesses and services. It recognizes the need for regulation, saying the framework must balance the necessity for innovation with the duty to protect both consumer end-users and commercial entities.

ACCESS will also promote adoption and development of digital currencies within Singapore itself, through education, public engagement and effective engagement with governmental and non-governmental bodies.

It also seeks to "promote the development, dissemination and adoption of best-practices by Singaporean digital currency businesses and other industry participants, and to counter illegitimate use of the technology."

Chairman Anson Zeall of CoinPip reiterated these main points at the Inaugural General Meeting on 13th June:

"ACCESS aims to provide an open and clear dialogue between Singapore cryptocurrency businesses and the wider public, including regulators. With the forming of our association, we will help facilitate an ecosystem where Singapore can be a hub for cryptocurrencies businesses to grow and create jobs related to this new and growing technology."

The seven-member executive team features other notable Singapore bitcoin business representatives, including President Antony Lewis of exchange itBit, and Secretary General Jarrod Luo of local ATM/vending machine producer Tembusu Terminals.

Registration

ACCESS is a fully registered society with the Registry of Societies under the Ministry of Home Affairs.

Singapore law states that any professional society concerning monetary activity must register with the government. Although bitcoin is still not legally defined as money, since its most common use is as such, ACCESS decided the best option would be to register.

Image via PokkO / Shutterstock