Industry group here working on code for digital token sector, Business

An industry association that will oversee digital tokens such as bitcoin and devise efficient ways to regulate the sector officially started here yesterday.

The Token Economy Association (TEA) is already working with the Association of Crypto-Currency Enterprises and Start-ups Singapore to launch a code that spells out best practices in a range of areas. These include anti-money laundering, ways to stop terrorism financing and due diligence procedures so customer identities can be authenticated.

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