Digital LC capabilities will be offered in Australia, China, Hong Kong and Singapore via Contour from this month.
MAS will seek to build a consortium of countries to explore the potential of digital infrastructure for cross-border use.
LINE Bank services crashed on Thursday due to "system overload" just as it launched new digital banking services.
The guidance emphasises the use of data from internal and external sources, proactive data analysis and information sharing to tackle emerging AML risks.
The bill will require the SEC and CFTC to establish a digital asset working group to ensure collaboration between regulators and the private sector on digital assets.
The rules allow parties to digital transactions to quickly resolve disputes through arbitration, where decisions are implemented within smart contracts.
Under the digital banking framework approved by the BSP in November, the number of digital bank licences is capped at five.
In-memory analytics tools allow even the most complex of regulatory calculations to be performed in minutes or seconds rather than hours.
Next Bank is one of the three internet-only banks that was issued a licence by the FSC in 2019. The bank has yet to launch operations.
The taskforce will coordinate work to explore a potential 'Britcoin', though a decision has not been made on whether a CBDC would be introduced.
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