Guardian

Champion

Singapore’s Monetary Authority (MAS) has joined forces with Japan’s Financial Services Agency (FSA), the Swiss Financial Market Supervisory Authority (FINMA), and the UK’s Financial Conduct Authority (FCA) in a groundbreaking initiative aimed at accelerating digital asset pilots in fixed income, foreign exchange, and asset management products.
MAS, through its Project Guardian, has been working with 15 financial institutions to conduct industry pilots focused on asset tokenization within the realms of fixed income, foreign exchange, and asset management products.
These endeavors have already showcased the potential for achieving significant market efficiencies and transaction benefits through tokenization. As these pilot projects evolve and expand in scale and complexity, the need for closer collaboration among international policymakers and regulators has become evident.
To address these imperatives, MAS has now formed the Project Guardian policymaker group in partnership with FSA, FCA, and FINMA. The newly established group aims to:
<ul>
 <li>Foster in-depth discussions regarding the legal, policy, and accounting treatment of digital assets;</li>
</ul>
<ul>
 <li>Identify potential risks and gaps in existing policies and legislation that pertain to tokenized solutions;</li>
</ul>
<ul>
 <li>Investigate the creation of universal standards for digital asset network design and market best practices across various jurisdictions;</li>
</ul>
<ul>
 <li>Champion high standards of interoperability to facilitate cross-border digital asset development;</li>
</ul>
<ul>
 <li>Provide a framework for industry pilots for digital assets via regulatory sandboxes where applicable; and</li>
</ul>
<ul>
 <li>Encourage knowledge sharing among regulatory bodies and industry players.</li>
</ul>
Mr. Leong Sing Chiong, Deputy Managing Director at MAS, expressed the collaborative spirit, saying, “MAS’ partnership with FSA, FCA, and FINMA reflects a strong desire among policymakers to deepen our understanding of the opportunities and risks associated with digital asset innovation. 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.”
This cooperation among regulatory authorities promises to accelerate the adoption of digital assets and their potential to revolutionize financial markets and transactions globally.
The post <a rel="noopener noreferrer nofollow" href="https://www.unlock-bc.com/111235/singapore-japan-switzerland-and-uk-to-collaborate-on-digital-assets-pilots/">Singapore, Japan, Switzerland and UK to Collaborate on Digital Assets Pilots</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://www.unlock-bc.com">UNLOCK Blockchain</a>.

Singapore, Japan, Switzerland and UK to Collaborate on Digital Assets Pilots

UNLOCK_ENG

Other articles published on Oct 31, 2023

Sam Bankman-Fried claims to have overlooked $8B ‘bug’ in last day of testimony

Kasikornbank Expands into Crypto: Acquires Majority Stake in Crypto Exchange

Crypto to consider in bull market: Litecoin, Everlodge, and VeChain

NEOM and Animoca Brands Join Forces to Drive Web3 Initiatives, Accelerating Saudi Arabia’s Vision...

XRP Price Prediction As Bulls Pick Up The Pace Above $0.6, Can Hit It $2 In November?

Artificial Intelligence (AI) Searches for Profitable Trades With Trend Prediction Engine (TPE)

Join our free newsletter for daily crypto updates!