Monetary Authority of Singapore Launches Global Tokenization Project
The Monetary Authority of Singapore (MAS) has unveiled Global Layer One (Gl1), a new initiative aimed at integrating global tokenization activities into one interconnected network. This project has garnered the support of major banking institutions such as BNY Mellon, DBS, JPMorgan, and MUFG. The goal is to enable seamless cross-border transactions and facilitate the trading of tokenized assets across global liquidity pools while ensuring compliance with regulatory requirements and standards.
Public-Private Collaboration for Compliance
This initiative will bring together public and private entities to ensure that the resulting digital structures comply with international regulations. MAS Deputy Managing Director Leong Sing Chiong emphasized the need for a scalable infrastructure to fully realize the potential of tokenized markets and achieve network effects.
Interlinked Networks and New Pilots
MAS also introduced the Interlinked Network Model (INM), which allows financial institutions to exchange tokenized assets across different networks. Additionally, the authority announced five new pilots involving industry giants such as Citi, T. Rowe Price Associates, Inc., Fidelity International, BNY Mellon, OCBC, Ant Group, Franklin Templeton, JPMorgan, and Apollo.
Hot Take: MAS Pioneers Global Tokenization Integration
The MAS’s Gl1 initiative marks a significant step towards integrating global tokenization activities and creating an interconnected network for cross-border asset exchange. With support from major banking institutions, this project aims to streamline transactions while ensuring compliance with regulatory requirements. The introduction of the INM protocol and new pilots further demonstrates MAS’s commitment to driving innovation in the financial industry through tokenization.
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