The Monetary Authority of Singapore Collaborates with Global Regulators for Digital Asset Projects
The Monetary Authority of Singapore (MAS) is partnering with regulatory authorities from Japan, Switzerland, and the United Kingdom to promote digital asset projects in various sectors. MAS has engaged 15 financial institutions to conduct industry pilots on asset tokenization, specifically in fixed income, foreign exchange, and asset management products. These initiatives have demonstrated the potential for significant market and transaction efficiencies through tokenization.
“As the pilots grow in scale and sophistication, there is a need for closer cross-border collaboration among policymakers and regulators. MAS has therefore established a Project Guardian policymaker group comprising FSA, FCA, and FINMA.”
Singapore’s MAS
By establishing partnerships with global regulators, MAS aims to develop common standards and regulatory frameworks that support cross-border interoperability and foster sustainable growth in the digital asset ecosystem.
“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.”
Leong Sing Chiong, Deputy Managing Director at MAS
In August, MAS introduced a regulatory framework to ensure the sustainability of domestically regulated stablecoins. The rules will apply to single-currency stablecoins (SCS) pegged to the Singapore dollar or any G10 currency issued within the jurisdiction.
Hot Take: Collaborative Efforts for Global Digital Asset Development
The Monetary Authority of Singapore’s collaboration with regulatory authorities from Japan, Switzerland, and the UK demonstrates a proactive approach towards fostering innovation in digital assets. By engaging financial institutions in industry pilots on asset tokenization, MAS aims to unlock market efficiencies and promote the adoption of digital assets.
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