The Financial Services Authority (FSA) of Japan and the Monetary Authority of Singapore (MAS) have teamed up in Project Guardian to explore the applications of digital technologies in asset tokenization. The project involves conducting pilot experiments in various sectors of the finance industry, such as fixed income, foreign exchange, and asset and wealth management. By involving industry practitioners and policymakers, Project Guardian aims to enhance the understanding of digital asset networks and manage risks to financial stability and integrity. The initiative’s objectives include gaining insights from industry pilots, assessing the long-term impact of digital technologies, and ensuring the safe development of the rapidly evolving landscape. The project also aims to establish policy guidelines and an acceptable governance model for the decentralized finance (DeFi) sector. The collaboration between Japan and Singapore could potentially accelerate global development in web3 technologies and cryptocurrencies, prompting Hong Kong to learn from their experiences and catch up in the field.
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