The Monetary Authority of Singapore (MAS) collaborates with regulatory bodies in Japan, Switzerland, and the UK to advance digital asset pilots, focusing on fixed income, foreign exchange, and asset management products.
The Monetary Authority of Singapore (MAS) has announced a strategic partnership with the Financial Services Agency of Japan (FSA), the Swiss Financial Market Supervisory Authority (FINMA), and the United Kingdom’s Financial Conduct Authority (FCA) to propel digital asset innovation in fixed income, foreign exchange, and asset management sectors.
Under MAS’ Project Guardian, 15 prominent financial institutions have joined forces to conduct industry pilots on asset tokenization within these key areas. These pilots have demonstrated promising potential in achieving significant market and transaction efficiencies through the utilization of tokenization technology. As these initiatives continue to expand in scale and complexity, there arises a crucial need for enhanced cross-border collaboration among policymakers and regulators. In response to this, MAS has established the Project Guardian policymaker group, comprising FSA, FCA, and FINMA.
The primary objectives of this policymaker group are to: a) Advance discussions on the legal, policy, and accounting treatment of digital assets; b) Identify potential risks and address existing policy and legislative gaps relevant to tokenized solutions; c) Pave the way for the development of common standards governing the design of digital asset networks and market best practices across diverse jurisdictions; d) Champion high standards of interoperability to bolster the development of cross-border digital assets; e) Facilitate industry pilots for digital assets through regulatory sandboxes, where applicable; and f) Promote knowledge sharing among regulators and industry stakeholders.
Mr. Leong Sing Chiong, Deputy Managing Director (Markets and Development) at MAS, expressed, “MAS’ partnership with FSA, FCA, and FINMA demonstrates a strong commitment among policymakers to deepen our understanding of the opportunities and risks arising from digital asset innovation.”
