Singapore partners with Japan, UK, Switzerland on digital asset initiative
Geneva (VNA) - Regulators in Singapore,
Japan, the UK and Switzerland are planning asset tokenisation tests for fixed
income, foreign exchange and asset management products, the Swiss Financial
Market Supervisory Authority (FINMA) reported on October 30.
The Monetary Authority of Singapore (MAS) has set up
Project Guardian, a policymaker group that includes Japan's Financial Services
Agency (FSA), the U.K's Financial Conduct Authority (FCA) and the FINMA to
advance cross-border collaboration in asset tokenisation.
Tokenisation, which digitises real-world assets using
the blockchain, is all the buzz among banking giants and institutions worldwide
with major economies testing bond issuance and fund tokenisation to potentially improve the
efficiency of global financial markets.
Project Guardian is focused on discussing the legal
and accounting treatment of digital assets, identifying potential risks and
gaps in policy, as well as developing common standards for digital asset market
design and best practices across jurisdictions.
According to MAS, the
project will also look to facilitate industry pilots for digital assets through
regulatory sandboxes./.