The Monetary Authority of Singapore, in alliance with global regulators, pioneers digital asset discussions, fostering innovation and efficiency. Read more on CT.
- Singapore's Monetary Authority collaborates with regulatory counterparts in Japan, Switzerland, and the UK to lead discussions on digital asset legalities.
- Project Guardian delves into asset tokenization, uncovering substantial potential for enhanced market efficiency and streamlined transactions.
- MAS prioritizes interoperability, facilitates industry pilots, and encourages knowledge sharing among regulators and players.
In a groundbreaking move, the Monetary Authority of Singapore (MAS) has unveiled a strategic alliance with Japan's Financial Services Agency (FSA), Switzerland's Financial Market Supervisory Authority (FINMA), and the United Kingdom's Financial Conduct Authority (FCA). The collaboration aims to spearhead discussions surrounding the legal, policy, and accounting aspects of digital assets.
Renowned crypto journalist Colin Wu of Wu Blockchain highlighted this significant development, underlining its potential to foster cross-border digital asset innovation, pilot programs, and knowledge exchange within regulatory spheres and industries.
According to a recent report,15 financial institutions have teamed up to conduct industry pilots to tokenize assets in fixed-income, foreign exchange, and asset management sectors. These pilots have already demonstrated the significant market efficiencies that can be achieved through tokenization.
However, as these initiatives grow in size and complexity, there is an urgent need for improved cross-border cooperation between regulators and policymakers. In response, MAS has established the Project Guardian policymaker group, which includes FSA, FCA, and FINMA.
Read full article at CryptoTale.