Singapore’s central bank and financial regulator is seeking closer cross-border collaboration for its asset tokenization project. The Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator, is...
The group aims to initiate policy and accounting discussions and identify potential risks and legal gaps related to digital assets and tokenized solutions. The project also seeks to explore the development of common standards for the design of digital asset networks and find best practices across various jurisdictions. Other work vectors include interoperability, regulatory sandboxes and education related to the digital currency industry.
“MAS’ partnership with the FSA, the FCA and FINMA shows a strong desire among policymakers to deepen our understanding of the opportunities and risks arising from digital asset innovation,” MAS deputy managing director of markets and development, Leong Sing Chiong, said. He added:
“Through this partnership, we hope to promote the development of common standards and regulatory frameworks that can better support cross border interoperability, as well as sustainable growth of the digital asset ecosystem.”
Singapore has been actively collaborating with global financial authorities in the field of digital currency. In September 2023, Singapore MAS completed a joint test of the cross-border trading and settlement of wholesale central bank digital currencies in collaboration with the Bank for International Settlements and the central banks of France and Switzerland.