The Monetary Authority of Singapore (MAS) announced that it is partnering with the Financial Services Agency of Japan (FSA), the Swiss Financial Market Supervisory Authority (FINMA) and the United Kingdom’s Financial Conduct Authority (FCA) for digital asset pilot programs.
See related article: Singapore, Thailand clarify crypto rules; NFTs become new cultural frontier
Fast Facts
- Singapore’s central bank said Monday that the partnership aims to advance legal discussions on digital assets, find potential policy loopholes related to tokenized solutions and explore a common standard for the design of digital asset networks across various jurisdictions.
- MAS has collaborated with over 15 financial institutions on pilot programs related to tokenization, foreign exchange and digital asset management products through Project Guardian.
- “These pilots have demonstrated the potential to reap significant market and transaction efficiencies from the use of tokenisation,” MAS said.
- Singapore unveiled a regulatory framework for stablecoins in August, as part of the city-state’s plans to become a global crypto hub.
See related article: Blockchain tech in Thailand gets boost from new pro-crypto leader