As a seasoned analyst with over two decades of experience in the financial sector, I find Singapore’s proactive approach to tokenization and its focus on fostering a conducive regulatory environment for digital assets truly commendable. Having witnessed the rapid evolution of blockchain technology and its potential impact on traditional finance, I am excited about Singapore’s ambition to establish itself as a global leader in this space.
Singaporean regulatory bodies aim to push forward with tokenization initiatives, given the growing interest in tokenized assets within the fixed-income, foreign exchange, and asset management sectors.
On November 4th, the Monetary Authority of Singapore revealed plans to foster the growth of tokenized asset markets. This will be achieved by creating necessary infrastructure, increasing liquidity depth, and setting up regulatory frameworks to facilitate smooth cross-border transactions.
Leong Sing Chiong, the deputy managing director of MAS, has pointed out that there’s been significant demand for asset tokenization in recent times, particularly in areas like fixed income, foreign exchange, and asset management.
To foster this passion and make it more accessible to a larger audience, the Monetary Authority of Singapore (MAS) has launched two systems: firstly, the Guardian Fixed Income Framework, which provides recommendations on tokenizing fixed-income assets in accordance with global norms; secondly, the Guardian Funds Framework, detailing good practices for establishing tokenized investment funds.
Under the guidance of the Project Guardian industry consortium, these frameworks represent the most recent advancement in Singapore’s tokenization endeavors as part of Project Guardian. Debuting in 2022, this initiative unites more than 40 financial entities, organizations, and policy-makers from seven different regions to improve liquidity and efficiency within financial markets via tokenization.
So far, Project Guardian has carried out more than 15 trials involving various industries, using six different currencies and a range of financial goods. The emphasis has been on exploring how asset tokenization can be utilized within capital markets, as stated in the subsequent communication.
As a crypto investor, I’ve noticed that the Monetary Authority of Singapore (MAS) has taken steps to commercialize their efforts in this space. They’ve established the Guardian Wholesale Network, which is an industry group made up of financial heavyweights like Citi, HSBC, Standard Chartered, Schroders, and United Overseas Bank (UOB).
Chiong noted that it’s exciting to see such active involvement from financial organizations and policy makers in collaborating to establish industry norms and risk mitigation strategies for the smooth introduction of tokenized financial market goods, ultimately aiming to expand the use of tokenization across various sectors on a broader scale.
In line with its approach, the Monetary Authority of Singapore (MAS) is additionally developing a “shared clearing house” to enhance the security of tokenized asset transactions. This is done by reducing settlement risks through the use of regulated and dependable settlement methods, including their central bank digital currency equivalent like the Singapore Dollar.
As a researcher, I find myself immersed in the dynamic landscape of Singapore’s cryptocurrency sector. The city-state has strategically positioned itself as a leading hub by implementing a forward-thinking yet prudent regulatory system. Despite repeated warnings to locals about potential crypto risks and reinforcing regulations for digital payment token services, the Monetary Authority of Singapore (MAS) has extended licenses to numerous cryptocurrency firms. This approach fosters a regulated cryptocurrency environment within its borders.
Significantly, the Monetary Authority of Singapore (MAS) has issued Major Payment Institution licenses to Hex Trust and OKX, enabling these businesses to offer digital token services and international money transfers. Crypto exchange Gemini received an initial approval not long ago and is currently collaborating with the regulatory body to secure a complete license.
Read More
- Crypto ETPs hit $44.5b in YTD inflows amid Bitcoin surge
- AI16Z PREDICTION. AI16Z cryptocurrency
- Niecy Nash-Betts Tracks a Sinister Killer in ‘Grotesquerie’ Trailer
- Amy Adams’ Nightbitch Has A Scene That Was So Disgusting, Crew Members Had To Leave The Room While They Filmed It
- A Palace x Nike Air Max DN8 Collab Is Rumored for 2025
- Hong Kong Treasury says crypto is not a ‘target asset’ for its Exchange Fund
- ‘Riders of Justice’, Mads Mikkelsen’s Underrated Action Movie, Is Now Streaming for Free
- Felicity Jones Has a Fresh (and Minimalist) Take on Method Dressing Trend at ‘The Brutalist’ Premiere
- When Dharmendra said Sunny Deol and Bobby Deol didn’t have affairs with heroines and were ‘innocent’, recalls Gadar 2 director Anil Sharma
- ‘Hunger Games’ Director Discusses Challenges of Casting Young Haymitch
2024-11-04 12:33