Singapore's 'Project Guardian' Teams Up With Top Financial Titans For Asset Tokenization Pilots
The Monetary Authority of Singapore (MAS) will be partnering 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 advance digital asset pilots.
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The project titled "Project Guardian" was launched initially in 2022 for Singapore’s asset tokenization project. As part of the project, Singapore will join hands with 15 financial institutions for charting out industry pilots on asset tokenization in fixed income, foreign exchange, and asset management products, the government authority said in its statement.
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Participating financial institutions include names like JPMorgan, SBI Digital Assets Holdings, Citi, Franklin Templeton, Hong Kong and Shanghai Banking Corporation, and Standard Chartered, reports CrypoSlate.
The group will also try to enable industry pilots for digital assets through regulatory sandboxes and promote knowledge sharing between regulators and the industry, as reported by CoinGape.
MAS Deputy Managing Director (Markets and Development), Leong Sing Chiong said, “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. Through this partnership, we hope to promote the development of common standards and regulatory frameworks that can better support cross-border interoperability, as well as sustainable growth of the digital asset ecosystem.”
Benzinga’s Future of Digital Assets conference is scheduled in New York on Nov.14. Attend and learn more about asset tokenization projects adopted by various countries. The gathering is seen as pivotal for the digital assets community. The event will spotlight the latest trends, innovations, and challenges in the digital asset realm.