United

The post <a rel="nofollow" href="https://coinpedia.org/news/singapores-monetary-authority-mas-teams-up-with-global-regulators-to-advance-digital-asset-industry/">Singapore Teams Up With Global Regulators to Boost Digital Assets</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
<a href="https://www.mas.gov.sg/news/media-releases/2023/mas-partners-policymakers-to-foster-responsible-digital-asset-innovation">Singapore’s Monetary Authority (MAS)</a> is taking a big step in the digital asset industry, teaming up with top financial regulators worldwide. This ambitious move aims to boost the growth of digital assets across borders, improve regulatory rules, and ensure smooth operations in this fast-growing sector. 
The success of this collaboration has the potential to transform the digital asset industry, making it more accessible, secure, and efficient. It will also send a strong signal to the market that digital assets are here to stay and that regulators are committed to working together to support their responsible development. 
Here are all the details! 
<h2 class="wp-block-heading" id="collaboration-is-the-way-forward">Collaboration Is the Way Forward!</h2> 
MAS isn’t facing this challenge alone; they have partnered with the Financial Services Agency of Japan (FSA), the Swiss Financial Market Supervisory Authority (FINMA), and the United Kingdom’s Financial Conduct Authority (FCA). Together, these influential entities are combining their resources to support digital asset pilot projects, with a focus on fixed income, foreign exchange, and asset management products. 
Project Guardian 
Under the name Project Guardian, MAS has actively worked with 15 financial institutions, exploring asset tokenization deeply. These projects have revealed the potential for significant improvements in the market and transactional efficiency, thanks to tokenization. 
As these initiatives gain momentum and complexity, the necessity for cross-border teamwork becomes increasingly clear. It’s a call for policymakers and regulators to join forces, share insights, and pave the way for the smooth development of the cryptocurrency industry. 
Read More: <a href="https://coinpedia.org/cryptocurrency-regulation/cryptocurrency-regulations-in-singapore/">Cryptocurrency Regulations in Singapore 2023 And Timeline of Key Developments</a> 
<h2 class="wp-block-heading" id="h-ambitious-goals-and-strategies">Ambitious Goals and Strategies </h2> 
The newly formed policymaker group, consisting of FSA, FCA, and FINMA, has set its sights on various ambitious objectives. They are discussing the legal and policy aspects of digital assets, identifying potential risks, and addressing policy gaps. 
Their mission extends to creating common standards for digital asset networks, ensuring they work well together, and facilitating industry pilot projects through regulatory sandboxes when appropriate. The group is also dedicated to enhancing knowledge exchange between regulators and industry participants. 
We Share a Vision 
Leong Sing Chiong, Deputy Managing Director at MAS, underscores the shared commitment among the policymakers to deepen their understanding of digital asset innovation’s potential and challenges. Through this collaborative effort, there is a collective vision of creating robust standards and regulatory frameworks. 
Also Read: <a href="https://coinpedia.org/news/singapore-establishes-inter-departmental-committee-to-combat-money-laundering/">Singapore Cracks Down on Money Laundering with New Committee; Plan Laid Out</a> 
These frameworks aim to support cross-border digital asset activities, laying the foundation for a thriving and sustainable digital asset ecosystem.

Singapore Teams Up With Global Regulators to Boost Digital Assets

Inhoudsopgave

CoinPedia News

Andere artikelen gepubliceerd op 30 okt 2023

ETH options call block volumes exceed $250 million

Bitcoin’s Next Move: Navigating The Market’s Complex Landscape

Uphold Bets Big on XRP: $1.28B Investment Signals Bullish Outlook

Wemade and Elympics Sign Milestone WEMIX PLAY Onboarding Deal

SBF Trial: Bankman-Fried Under Oath Confesses to Billion-Dollar Ventures

Have We Entered a New Bull in the Crypto Market? Hashdex Analysts Publish Report

Meld je aan voor onze gratis nieuwsbrief voor dagelijkse crypto-updates!