- The Financial Authority of Singapore (MAS) introduced it has partnered with regulators in Japan, Switzerland, and the UK.
- The MAS mentioned the policymaker group will work to advance digital asset innovation and regulation discussions.
- The regulator mentioned the partnership is critical as its digital asset pilot applications develop in scale and class.
The Financial Authority of Singapore (MAS) introduced on October 30 that it has partnered with authorities in Japan, Switzerland, and the UK to foster digital asset innovation and adoption.
Certainly, the MAS, in its assertion, mentioned it’s going to work hand in hand with the Monetary Companies Company (FSA) of Japan, the Swiss Monetary Market Supervisory Authority (FINMA), and the UK’s Monetary Conduct Authority (FCA). Per the announcement, the our bodies will advance discussions round digital asset progress, dangers, and regulation.
The MAS mentioned the partnership would assist it advance pilot applications for digital belongings in asset administration, overseas change, and fixed-income merchandise. The Singapore regulator mentioned it has partnered with 15 establishments to hold out these pilot applications beneath its challenge Guardian.
Extra importantly, the MAS mentioned the partnership is critical as its pilot applications develop in scale and class. It continued by saying that the policymaker group discussions will enhance frequent requirements and support the sustainable progress of the digital asset ecosystem.
Notably, the policymaker group will work on the authorized, coverage, and accounting therapy of digital belongings. Moreover, the group will advance the dialogue on potential dangers and gaps in current laws. That is very true for tokenization options.
Moreover, the group will discover methods via which a standardized framework might be created for digital asset networks. Likewise, they are going to study market finest practices throughout many jurisdictions.
The group can even work to encourage the institution of excessive interoperability requirements to create cross-border digital belongings. In keeping with the report, they can even work with trade pilots for digital belongings whereas selling information sharing between
Talking on the event, Mr. Leong Sing Chiong, Deputy Managing Director at MAS, mentioned the partnership “with FSA, FCA, and FINMA reveals a robust want amongst policymakers to deepen our understanding of the alternatives and dangers arising from digital asset innovation.”
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