Singaporean financial regulator and central bank “The Monetary Authority of Singapore” is endeavouring to initiate crypto-focused cooperation. The country is attempting to carry out the respective operation in collaboration with a few countries from Europe as well as Japan. In its official announcement, the MAS stated on 30 October that the agency is collaborating with several other agencies.
Singaporean Financial Authority Partners up with Agencies in Other Jurisdictions for Crypto Pilots
They take into account the Japanese Financial Services Agency and the Financial Market Supervisory Authority of Switzerland. In addition to this, the Financial Conduct Authority of the United Kingdom is also included among these agencies. The purpose of the respective partnership is to conduct joint pilots for digital assets. The authority particularly pursues the organization of such pilots to deal with fixed income.
Apart from that, the pilots also aim to deal with products related to asset management and foreign exchange. The endeavour develops upon the current project for asset tokenization. Its name is Project Guardian and it was started back in the year 2022. In line with this, the Central Bank of Singapore partnered with up to fifteen financial platforms for asset tokenization.
The MAS Establishes a Policymaker Group to Discuss Likely Risks Concerning Crypto Policy
This demonstrated a huge potential in dealing with transfer efficiency. The MAS noted in its statement that the pilots are progressing in sophistication and scale. As per it, along with this, there is a requirement for collaboration across the borders among the lawmakers. In this respect, the MAS has developed a policymaker group dealing with Project Guardian.
It comprises FINMA, the FCA, and the FSA. The respective group intends to start discussions related to account and policy. This would be beneficial to detect the likely legal gaps and risks associated with tokenized and digital-asset solutions.
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