Singapore MAS Partners UK, Japan, Swiss Regulators For Crypto Projects

According to reports, the Monetary Authority of Singapore recently announced plans to collaborate with the Financial Services Agency of Japan (FSA), the Swiss Financial Market Supervisory Authority (FINMA), and the United Kingdom’s Financial Conduct Authority (FCA) to move along the digital asset pilots in fixed income, foreign exchange, and asset management products.

MAS-Backed Project Guardian Advancing Crypto Innovation

Within the MAS Project Guardian, an initiative by the Monetary Authority of Singapore, the goal is to explore digital finance contenders. Meanwhile, the regulatory authority partnered with fifteen financial institutions to implement industry pilots. These pilots focus on asset tokenization in fixed-income, foreign exchange, and asset management products.

With the expansion and increased complexity of these pilots, there’s a growing necessity for enhanced cross-border cooperation among policymakers and regulators. Consequently, MAS has formed a project guardian policymaker group encompassing the FSA, FCA, and FINMA.

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Policymakers Cracking Down On Digital Assets

The main objective behind setting up a policymaker group within the project is to make headway decisions on legal, policy, and accounting treatment of digital assets. Moreover, the group aims to pin down potential risks and possible gaps in the existing policies and legislation revolving around tokenized solutions.

In addition, the policymakers explore the development of common standards for designing digital asset networks and marketing best practices covering various jurisdictions while also promoting high standards of interoperability to jack up cross-border digital asset development.

The group facilitates industry pilots for digital assets through regulatory sandboxes, if possible, and also promotes knowledge sharing between regulators and the industry.

According to MAS official Mr Leong Sing Chiong, the partnership between the MAS and FSA, FCA, and FINMA portrays a strong desire amongst policymakers to deepen and strengthen the opportunities and risks revolving around digital asset innovation.

With the upcoming partnership, the MAS hopes to promote and foster the growth and development of common standards and regulatory frameworks that can jack up cross-border interoperability along with sustainable growth of the digital asset ecosystem.

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