Singapore has a heavy presence of Bitcoin users and companies that accept the digital currencies. However, there was a need for a body that can help the entrepreneurs and startups working in the digital currency. This has now been fulfilled by the formation of the Association of Cryptocurrency Enterprises and Startups, Singapore or ACCESS.
According to the sources involved in the entire development, ACCESS was formed by various members of the Singapore Bitcoin community who came together to facilitate an open and clear dialogue between Singapore cryptocurrency businesses and the wider public, including regulators. The measure is expected to help the Bitcoin community expand to new people.
The First Organization in Asia Committed to Help Bitcoiners
ACCESS is the first organization in Asia which claims it is committed to help Bitcoiners who often face a lot of problems from the governments as a lot of them have not yet framed any policy or guidelines on how to deal with it. Though Singapore is quite friendly with digital currencies and it in fact, has got a Bitcoin ATM as well, ACCESS will help it further.
According to the press release ACCESS will be supporting current development of regulatory framework that balances the necessity for innovation with the duty to protect the interests of consumer end-users as well as commercial entities engaging with this industry. Factually, this also shows that Singapore has one of the most active Bitcoin communities.
Will provide open and clear dialogue
Though the general impression is that formation of entities like ACCESS may lead to generating an atmosphere where it would look more like regulatory body, the people behind the organization claim that there won’t be any such attempt. The beauty of Bitcoin is that it is decentralized currency and does not fall under any regulation.
The local reports from Singapore say that though the full membership of ACCESS is yet to be fully understood, it may include itBit, Coinpip and Tembusu Terminals, etc. A lot of focus would be on a Singapore-based startup Tembusu Terminals which distributes Bitcoin ATMs designed and produced locally.
Principal aim of ACCESS is to provide an open and clear dialogue between Singapore cryptocurrency businesses and the wider public, including regulators. It 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.
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