The Monetary Authority of Singapore (MAS) has announced that is it collaborating with the Financial Services Agency of Japan (FSA), the Swiss Financial Market Supervisory Authority (FINMA) and the UK’s Financial Conduct Authority (FCA). The aim is to speed up pilot projects regarding digital assets in products with fixed income, foreign currencies and asset management.
As part of the MAS Guardian project, MAS cooperated with 15 financial institutions to carry out pilot projects in the area of asset tokenisation. The pilot projects have proven potential to draw major market and trading benefits of tokenisation. As the scale and progress of the pilot projects increased, it became necessary for policy makers and regulatory authorities to engage in a closer cross-border cooperation. To that end, MAS has established a group of policy makers under the Guardian Project, which includes FSA, FCA, and FINMA.
The purpose of the group is to discuss legal, political and accounting treatment of digital assets and to identify threats and potential gaps in policies and laws on solutions related to tokenisation.
More details can be found here:
https://www.mas.gov.sg/news/media-releases/2023/mas-partners-policymakers-to-foster-responsible-digital-asset-innovation