The Association of Crypto-Currency Enterprises and Start-ups Singapore (ACCESS) has released a comprehensive 27-page independent assessment report on CoolBitX’s Sygna Bridge compliance solution for virtual asset service providers (VASPs) seeking to comply with the FATF Travel Rule.
The assessment forms part of ACCESS’ new independent assessment framework for technical solution providers (TSP) providing services to VASPs that seek licensing under Singapore’s Payment Services Act (PSA).
This independent assessment framework builds upon the recently released Code of Practice by ACCESS, which was launched on 13th of August 2020 for the industry, facilitated by the Monetary Authority of Singapore (MAS) and developed in consultation with The Association of Banks in Singapore (ABS).
As the FATF has extended its guidance to the digital asset sector to give the industry a second 12-month assessment period, ACCESS’ independent assessment initiative for VASPs and industry participants to verify the operational capabilities of TSP against the FATF Travel Rule standards.
Given the significance of ACCESS’ efforts in providing regulatory guidance amongst industry stakeholders, including banks, regulators, and other financial service providers, we are pleased to share that ACCESS has acknowledged that Sygna Bridge is the first TSP to be evaluated under its independent assessment framework.
The ACCESS report covers four main areas, namely
- Company profile,
- Product assessment
- Operations and support
- Vulnerability assessment and penetration testing.
The report also details the assessment of Sygna Bridge 2.0 against various requirements laid down by MAS such as the Business Continuity Plan outlined in its Guidelines on Outsourcing for financial institutions on risk management of outsourcing arrangements.
The assessment can be purchased and downloaded on the ACCESS site at the link below:
Please note that is this is an independent report conducted by a third party for the benefit of its members and industry, and as such CoolBitX will not reveal detailed information on its contents.
About ACCESS’ independent assessment framework for TSPs
ACCESS’ independent assessment framework builds upon its recently released Code of Practice, launched on 13th of August 2020 for the industry, facilitated by the Monetary Authority of Singapore (MAS) and developed in consultation with The Association of Banks in Singapore (ABS).
The framework seeks to provide greater awareness and understanding amongst industry stakeholders, including banks, regulators, and other financial service providers, on the capabilities of technical solution providers companies servicing VASPs.
These technical solution providers companies are providing new, cutting edge solutions using blockchain technology to help mitigate risks from virtual assets and enabling VASPs to meet their regulatory requirements.
TSPs are to be assessed on their operational capability, including risk management, transaction monitoring and compliance reporting, in accordance with the requirements set out in the PSA.
The Association of Cryptocurrency Enterprises and Startups Singapore
(ACCESS) was founded in 2014 and is a fully registered society with the Registry of Societies under the Ministry of Home Affairs. Their members represent a spectrum of businesses within the Singapore cryptocurrency and blockchain space that abides by a Code of Conduct that aligns with ACCESS’ mission.
ACCESS aims to foster an open and clear dialogue between Singapore cryptocurrency and blockchain businesses and the larger society, including regulators.
ACCESS thereby aims to provide a united public voice and platform for the Singapore cryptocurrency and blockchain community, facilitating better engagement with private as well as governmental entities.
In line with Monetary Authority of Singapore (MAS) regulations, all Payment Services Act (PSA) license applicants are expected to demonstrate sound understanding and operational capability in the management of risk and to comply with the requirements stipulated in the PSA.
ACCESS Singapore has identified that the greater ecosystem of the industry, including regulators and the banks, are unfamiliar with most of the regulatory technology solution providers (reg tech companies) that play an important role in helping VASPs fulfill their operational and regulatory requirements.
The ACCESS Independent Assessment of Regulatory Technology Companies was created to provide the industry, regulators and supporting stakeholders with independent verification of the features and claims made by such companies of the products they offer.