Singapore & Countries Cooperate To Promote Assets
The Monetary Authority of Singapore (MAS) is collaborating with Japan’s Financial Services Agency (FSA), the Swiss Financial Market Supervisory Authority (FINMA), and the UK Financial Conduct Authority (FCA) to promote digital asset projects in fixed assets, foreign currencies, and asset management products. MAS has engaged 15 financial institutions to conduct industry pilots on asset tokenization in fixed income, foreign exchange, and asset management products. As the pilots grow, MAS has established a Project Guardian policymaker group, including the FSA, FCA, and FINMA.
Singapore’s MAS has partnered with the Singapore dollar to promote the development of common standards and regulatory frameworks for cross-border interoperability and sustainable growth of the digital asset ecosystem. The partnership aims to ensure a high degree of sustainability for domestically regulated stablecoins, which are pegged to the Singapore dollar or any G10 currency issued in the jurisdiction. The new rules will be applied to single-currency stablecoins (SCS).
(With inputs from Shikha Singh)
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