Last Updated on October 31, 2023 by Bitfinsider
According to a Monday release, regulators in Singapore, Japan, the United Kingdom, and Switzerland are organizing asset tokenization trials for fixed income, foreign currency, and asset management products.
To promote cross-border cooperation in asset tokenization, the Monetary Authority of Singapore (MAS) established Project Guardian, a policymaker group comprising the Financial Services Agency (FSA) of Japan, the Financial Conduct Authority (FCA) of the United Kingdom, and the Swiss Financial Market Supervisory Authority (FINMA).
The newest buzz among the world’s largest banks and other institutions is tokenization, which uses the blockchain to digitize physical assets. Major economies are experimenting fund tokenization and bond issuance as ways to increase the efficiency of the world’s financial markets.
The goals of Project Guardian include addressing how digital assets are treated legally and accountingly, spotting legislative loopholes and possible hazards, and creating uniform guidelines for best practices in digital asset markets across national borders.
As per MAS’ release, the project aims to enable industry pilots for digital assets by means of regulatory sandboxes.
Leong Sing Chiong, a deputy managing director of MAS, stated in a statement that “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.”
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