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Business  16, Jun 2014

Bitcoin sector in Singapore announces creation of industry body

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It is Asia’s first major commercial body designed specifically to advocate and advance the interests of cryptocurrency businesses

Image Courtesy: igor.stevanovic / Shutterstock

The Association of Cryptocurrency Enterprises and Startups, Singapore (ACCESS), an industry body representing the interests of the Bitcoin sector in Singapore, introduced itself to the public this morning. The first of its kind in Singapore, it was registered with the Registry of Societies under the Ministry of Home Affairs (Singapore) on 30 May 2014.

Representing various businesses in Singapore dealing in Bitcoin and other cryptocurrencies ecosystem, the industry body also includes representatives from exchanges, merchant transaction services, vending machines and miners based in Singapore.

Also Read: Is Bitcoin a scam? EVE Online’s economist seems to think so

Objectives
ACCESS noted that one of its core roles is to foster ethical business practices, best practices and responsible use of digital currency technologies, given the relative infancy of cryptocurrency technologies and their evolving applications.  Another of its stated priorities is countering illegitimate uses of the technology (e.g. Silk Road drug market).

Anson Zeall, ACCESS’s Chairman and Founder of Coinpip,  stated that, “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”.

ACCESS’s members include representatives from several startups in the Singapore cryptocurrency space such as itBit, Tembusu Terminals, Coinpip and Coin Republic. The senior leadership of ACCESS is comprised of Anson Zeall of CoinPip (Chairman), Antony Lewis of itBit (President) and Jarrod Luo of Tembusu Terminals (Secretary-General).

Also Read: What are the main challenges facing Bitcoin exchanges?

The impact of ACCESS being formed cannot be understated. Within the Asia-Pacific and Asia as a whole, ACCESS is the first major commercial body designed specifically to advocate and advance the interests of cryptocurrency businesses, with the explicit aim of engaging with government regulators and establishing the grounds for influencing future regulation and policy regarding Bitcoin and other cryptocurrencies.

While Bitcoin itself cannot be regulated, the businesses that deal in it can. The formation of ACCESS represents an industry-wide attempt at consolidating resources and expertise, allowing the Bitcoin community to speak with a single voice.

Shiwen Yap

Shiwen Yap

Shiwen is passionate about exploring science, technology and entrepreneurship ideas and is an avid advocate of open source technologies and methodologies.

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