{"id":183726,"date":"2023-10-30T19:03:10","date_gmt":"2023-10-30T13:33:10","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=183726"},"modified":"2023-10-30T19:03:10","modified_gmt":"2023-10-30T13:33:10","slug":"singapore-partners-with-uk-japan-and-switzerland-on-digital-asset-initiative-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/singapore-partners-with-uk-japan-and-switzerland-on-digital-asset-initiative-crypto-news\/","title":{"rendered":"Singapore partners with UK, Japan, and Switzerland on digital asset initiative – Crypto News"},"content":{"rendered":"

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\"Stop<\/a><\/div>\n

The Monetary Authority of Singapore (MAS) is partnering with regulators from the United Kingdom<\/a>, Japan<\/a>, and Switzerland<\/a> to facilitate responsible digital asset innovations across international borders.<\/p>\n

In an Oct. 30 statement<\/a>, the financial agency unveiled its Project Guardian initiative, designed to pioneer asset tokenization in various financial sectors, including fixed-income, foreign exchange, and asset management products.<\/p>\n

The project aims to enhance market efficiency and transaction processes through tokenization. According to the regulator, the initiative underscores the growing need for increased international cooperation among policymakers and regulators.<\/p>\n

The project involves 15 financial institutions in collaboration with regulatory bodies such as Japan\u2019s Financial Services Agency (FSA), the Swiss Financial Market Supervisory Authority (FINMA), and the United Kingdom\u2019s Financial Conduct Authority (FCA).<\/p>\n

The participating financial institutions involved in the project include several crypto-friendly forms like JPMorgan<\/a>, SBI Digital Assets Holdings<\/a>, Citi<\/a>, Franklin Templeton<\/a>, Hong Kong\u00a0and Shanghai Banking Corporation, and Standard Chartered<\/a>.<\/p>\n

Common standards<\/h2>\n

MAS said FCA, FSA, and FINMA will be members of the project\u2019s policymaker group. FINMA will be an observer in this group.<\/p>\n

Their roles encompass discussions on digital asset policy formulation, risk assessment, and the creation of legislation for tokenized solutions. They will also explore the development and promotion of universal standards and interoperability to facilitate the cross-border evolution of digital assets.<\/p>\n

Furthermore, these policymakers will explore avenues to support digital asset industry pilots through regulatory sandboxes and foster knowledge exchange among regulatory bodies.<\/p>\n

Leong Sing Chiong, Deputy Managing Director (Markets and Development) at MAS, views this partnership as a testament to the \u201cstrong desire\u201d among policymakers to grasp the potential opportunities and risks associated with digital asset innovation.<\/p>\n

He also expresses optimism that this collaboration will help to establish \u201ccommon standards\u201d and a cohesive regulatory framework across each country.<\/p>\n

Meanwhile, this initiative further solidifies<\/a> MAS\u2019s reputation as a forward-thinking regulator, positioning Singapore as a crypto-friendly hub<\/a> on the global stage.<\/p>\n

Posted In: Singapore<\/a>, Regulation<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Monetary Authority of Singapore (MAS) is partnering with regulators from the United Kingdom, Japan, and Switzerland to facilitate responsible digital asset innovations across international borders. In an Oct. 30 statement, the financial agency unveiled its Project Guardian initiative, designed to pioneer asset tokenization in various financial sectors, including fixed-income, foreign exchange, and asset management […]<\/p>\n","protected":false},"author":2,"featured_media":183727,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-183726","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/183726","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=183726"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/183726\/revisions"}],"predecessor-version":[{"id":183729,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/183726\/revisions\/183729"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/183727"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=183726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=183726"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=183726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}