The Monetary Authority of Singapore (MAS), which is considered the de facto central bank of Singapore, has established global collaborations to make the process of cryptocurrency regulations healthier and faster.
by MAS 30 October In the official statement shared on the day, to discuss the regulations regarding the cryptocurrency sector. Japan, Switzerland And in england It was stated that cooperation with regulators was achieved.
Within the scope of this collaboration called “Project Guardian”, MAS Japan Financial Services Agency (FSA), Swiss Financial Market Supervisory Authority (FINMA) And UK Financial Regulator (FCA) By working together, they will aim to make more effective and constructive decisions regarding regulations in the cryptocurrency sector.
Institutions, cryptocurrencies legal, political And accounting to move forward discussions regarding transactions, with tokenized products potential in existing relevant policies and legislation risks to determine, Design of cryptocurrency blockchains They will work together to ensure the development of common standards for:
As part of Project Guardian, MAS has collaborated with 15 financial institutions to conduct industry pilots on asset tokenization in fixed income, foreign exchange and asset management products. These pilot studies have demonstrated the potential to achieve significant market and transaction efficiencies in the use of tokenization. As the scale and complexity of pilots increases, closer collaboration between policymakers and regulators is needed. That’s why a Project Guardian group of policymakers comprising MAS, FSA, FCA and FINMA
established.
Making a statement on the subject, MAS Deputy General Manager Leong Sing Chiongemphasized that this partnership is important in terms of global regulations and cryptocurrency compliance:
MAS’s partnership with the FSA, FCA and FINMA demonstrates a strong desire among policymakers to deepen our understanding of the opportunities and risks arising from cryptocurrency innovation. Through this partnership, we hope to foster the development of common standards and regulatory frameworks that can better support global interoperability, as well as the sustainable growth of the cryptocurrency ecosystem.