"Fulamak Singapore is indeed moving forward, even working with great countries."
The Monetary Authority of Singapore (MAS) has signed an agreement with the Financial Services Agency of Japan (FSA), the Financial Markets Supervisory Authority of Switzerland (FINMA) and the Financial Conduct Authority (FCA) of the United Kingdom.
The collaboration aims to promote a joint digital asset pilot, where authorities will implement pilots in relation to fixed income, foreign exchange and asset management products.
Please be informed that the initiative is built on Singapore's ongoing asset tokenization project known as Project Guardian.
Under Project Guardian launched in 2022, MAS has joined hands with 15 financial institutions to complete a pilot on the tokenization of assets that has great potential to further improve transaction efficiency.
The growing pilot could further strengthen cross-border cooperation among policymakers and regulators, commented MAS, adding that the regulator had established a Project Guardian policymaking group consisting of the FSA, FCA and FINMA.
The objective of the group was established to initiate policy and accounting discussions including identifying risks and legal gaps regarding digital assets or token solutions.
In addition to exploring the development of common standards for digital asset network design, it will also implement education about the cryptocurrency market.
Through the partnership, MAS deputy managing director of market and development Leong Sing Chiong hopes to promote the development of common standards and regulatory frameworks that can better support cross-border interoperability.
