Singapore – The Association of Cryptocurrency Enterprises and Start-ups Singapore (ACCESS) has officially started evaluating and assessing CoolBitX’s Sygna Bridge. According to a recent report, this platform undergoes extreme evaluation to see if it meets the requirements set out under Singapore’s PSA. ACCESS is currently monitoring CoolBitX’s risk management, compliance reporting, and transaction monitoring.
According to CoolBitX CEO Michael Ou, the ACCESS initiative to support CoolBitX and the FATF’s travel rule guidelines will surely play a significant role in making Singapore a prominent world leader crypto industry. Ou also said that ACCESS is looking forward to fostering greater understanding and awareness towards the Technical Solution Providers and their capabilities.
Since CoolBitX is one of the first-movers in meeting and exceeding the FATF’s Travel Rule recommendations, the Monetary Authority of Singapore (MAS) has assured a clear regulatory for VASPs operating in the country.
Therefore, the CEO applauds ACCESS’s efforts in bridging the gap between the VASP and PS markets. Its movements provided the industry participants a better understanding of Sygna Bridge and the overall technical solution provider market. Currently, CoolBitX’s Sygna Bridge is the first solution provider to evaluate the independent assessment framework.
According to the ACCESS Chairman, Anson Zeall, the organization started evaluating companies like CoolBitX to support the crypto industry’s travel rule development, especially in Singapore. With VASPs meeting the expectations laid out in the FATF’s travel rule, more companies can understand the complex regulatory environment and mitigate risks from virtual assets.
Additionally, CoolBitX can help businesses in Singapore since its system prevents money laundering and financing of terrorist acts. All virtual asset services through CoolBitX comply with the security protocols of the country. With this platform, Singapore can expand its presence beyond the Asia-Pacific region.