Singapore partners with Japan, UK, Switzerland on digital asset initiative (Photo: coincodecap.com) Geneva (VNA) - Regulators in Singapore,Japan, the UK and Switzerland are planning asset tokenisation tests for fixedincome, foreign exchange and asset management products, the Swiss FinancialMarket Supervisory Authority (FINMA) reported on October 30.
The Monetary Authority of Singapore (MAS) has set upProject Guardian, a policymaker group that includes Japan's Financial ServicesAgency (FSA), the U.K's Financial Conduct Authority (FCA) and the FINMA toadvance cross-border collaboration in asset tokenisation.
Tokenisation, which digitises real-world assets usingthe blockchain, is all the buzz among banking giants and institutions worldwidewith major economies testing bond issuance and fund tokenisation to potentially improve theefficiency of global financial markets.
Project Guardian is focused on discussing the legaland accounting treatment of digital assets, identifying potential risks andgaps in policy, as well as developing common standards for digital asset marketdesign and best practices across jurisdictions.
According to MAS, theproject will also look to facilitate industry pilots for digital assets throughregulatory sandboxes./.
