Singapore, Japan, Swiss, UK Join Forces for Responsible Digital Asset Innovation
by Fintech News Singapore October 31, 2023The Monetary Authority of Singapore (MAS) has partnered with regulators from Japan, Switzerland and the UK for responsible digital asset innovation.
This collaboration is called the Project Guardian policymaker group, comprising the Financial Services Agency of Japan (FSA), the Swiss Financial Market Supervisory Authority (FINMA), and the United Kingdom’s Financial Conduct Authority (FCA).
According to the regulator, the group aims to discuss legal, policy, and accounting treatment of digital assets as well as explore the potential risks and possible gaps in existing policies and legislation relevant to tokenised solutions.
They will also look into setting up common standards for the design of digital asset networks and market best practices across various jurisdictions.
Additionally, the regulators will work together on industry pilots for digital assets through regulatory sandboxes if applicable.
Lastly, the policymaker group will encourage interoperability to support cross-border digital assets development as well as knowledge sharing.
Leong Sing Chiong
Leong Sing Chiong, Deputy Managing Director (Markets and Development), MAS, 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.”
