Singapore’s Central Bank Joins Forces with Monetary Authorities in Japan, Switzerland, and the UK for Joint Digital Asset Pilots

cryptonews.com:

Singapore’s central bank has announced plans to collaborate with monetary authorities in Japan, Switzerland, and the United Kingdom for joint digital asset pilots.

In a Monday press release, the Monetary Authority of Singapore (MAS) announced that it will 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 promote joint crypto ventures.

The primary focus of these pilots will revolve around fixed income, foreign exchange, and asset management products.

The initiative builds upon Singapore’s ongoing asset tokenization project, known as Project Guardian, which was launched in 2022.

Under Project Guardian, MAS collaborated with 15 financial institutions to conduct pilots on asset tokenization, demonstrating significant potential for transaction efficiency.

Recognizing the need for closer cross-border collaboration among policymakers and regulators as these pilots grow in scale and sophistication, MAS has established a Project Guardian policymaker group comprising the FSA, FCA, and FINMA.

The group aims to facilitate policy and accounting discussions, identify potential risks and legal gaps related to digital assets and tokenized solutions, and explore the development of common standards for digital asset networks.

“MAS’ partnership with FSA, FCA and FINMA shows a strong desire among policymakers to deepen our understanding of the opportunities and risks arising from digital asset innovation,” Leong Sing Chiong, deputy managing director at MAS, wrote.

“Through this partnership, we hope to promote the development of common standards and regulatory frameworks that can better support cross border