Guardian

<div class="cryptonews">
 <p class="is-style-lead">The Monetary Authority of Singapore (MAS) is set to push ahead with digital asset projects.</p>
 <p>MAS is working with Japan’s Financial Services Agency (FSA), the Swiss Financial Market Supervisory Authority (FINMA), and the UK Financial Conduct Authority (FCA) to promote <a rel="noopener noreferrer nofollow" title="digital" href="https://thebittimes.com/tag/digital.html">digital</a> <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a> projects in fixed <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a>s, foreign currencies, and <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a> management products.</p>
 <p>MAS has also engaged 15 financial institutions to conduct industry pilots on <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a> tokenization in fixed income, foreign exchange, and <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a> management products. Dense projects have shown the potential to gain significant market and transaction efficiencies from tokenization.</p>
 <blockquote class="wp-block-quote">
  <p>“As the pilots grow in scale and sophistication, there is a need for closer cross-border collaboration among policymakers and regulators. MAS has therefore established a Project Guardian policymaker group comprising FSA, FCA, and FINMA.”</p> <cite>Singapore’s MAS</cite>
 </blockquote>
 <p>Leong Sing Chiong, Deputy Managing Director (Markets and Development) at MAS, concluded:</p>
 <blockquote class="wp-block-quote">
  <p>“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 <a rel="noopener noreferrer nofollow" title="digital" href="https://thebittimes.com/tag/digital.html">digital</a> <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a> ecosystem.”</p> <cite>Leong Sing Chiong, deputy managing director</cite>
 </blockquote>
 <p>In August, MAS finalized a regulatory framework to “ensure a high degree of sustainability for domestically regulated stablecoins,” saying they should become “a trusted means of <a rel="noopener noreferrer nofollow" title="digital" href="https://thebittimes.com/tag/digital.html">digital</a> exchange.”</p>
 <p>Singapore plans to apply the new rules to single-currency stablecoins (SCS), which are pegged to the Singapore dollar or any G10 currency issued in the jurisdiction.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/singapore-to-cooperate-with-other-countries-for-digital-asset-promotion-tbt68355.html">https://thebittimes.com/singapore-to-cooperate-with-other-countries-for-digital-asset-promotion-tbt68355.html</a></p>

Singapore to cooperate with other countries for digital asset promotion

TheBitTimes

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