2023-10-30 16:30 |
The Monetary Authority of Singapore (MAS) is partnering with regulators from the United Kingdom, Japan, and Switzerland to facilitate responsible digital asset innovations across international borders.
In an Oct. 30 statement, the financial agency unveiled its Project Guardian initiative, designed to pioneer asset tokenization in various financial sectors, including fixed-income, foreign exchange, and asset management products.
The project aims to enhance market efficiency and transaction processes through tokenization. According to the regulator, the initiative underscores the growing need for increased international cooperation among policymakers and regulators.
The project involves 15 financial institutions in collaboration with regulatory bodies such as Japan’s Financial Services Agency (FSA), the Swiss Financial Market Supervisory Authority (FINMA), and the United Kingdom’s Financial Conduct Authority (FCA).
The participating financial institutions involved in the project include several crypto-friendly forms like JPMorgan, SBI Digital Assets Holdings, Citi, Franklin Templeton, Hong Kong and Shanghai Banking Corporation, and Standard Chartered.
Common standardsMAS said FCA, FSA, and FINMA will be members of the project’s policymaker group. FINMA will be an observer in this group.
Their roles encompass discussions on digital asset policy formulation, risk assessment, and the creation of legislation for tokenized solutions. They will also explore the development and promotion of universal standards and interoperability to facilitate the cross-border evolution of digital assets.
Furthermore, these policymakers will explore avenues to support digital asset industry pilots through regulatory sandboxes and foster knowledge exchange among regulatory bodies.
Leong Sing Chiong, Deputy Managing Director (Markets and Development) at MAS, views this partnership as a testament to the “strong desire” among policymakers to grasp the potential opportunities and risks associated with digital asset innovation.
He also expresses optimism that this collaboration will help to establish “common standards” and a cohesive regulatory framework across each country.
Meanwhile, this initiative further solidifies MAS’s reputation as a forward-thinking regulator, positioning Singapore as a crypto-friendly hub on the global stage.
The post Singapore partners with UK, Japan, and Switzerland on digital asset initiative appeared first on CryptoSlate.
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