As a seasoned researcher with years of experience in the financial sector, I find the recent moves by the Monetary Authority of Singapore (MAS) to be both inspiring and encouraging. Having witnessed the transformation of various industries due to technological advancements, it is refreshing to see a regulatory body taking proactive steps towards embracing innovation.
The Monetary Authority of Singapore (MAS) is working towards increasing the prevalence of tokenization within the financial sector. On November 4th, they publicly declared their intentions to foster the growth of asset tokenization by commercializing it, as outlined in an official announcement.
The regulatory plans include making a commercial network to advance the liquidity of tokenized assets, developing market infrastructures, escalating the industry frameworks for better implementation of tokenized assets, and providing access to a common settlement facility for tokenized assets.
MAS is forming networks to increase the trading of tokenized assets. Project Over 40 financial institutions and policymakers are involved in trials to use tokenization in capital markets. Industry Group, Project Guardian also published two frameworks Guardian Fixed Income Framework (GFIF) and Guardian Funds Framework (GFF) for better implementation of tokenized assets by financial institutions.
In simpler terms, the GFIF outlines instructions on applying tokenization techniques within bond markets, while the GFF proposes optimal methods for establishing and administering tokenized investment funds.
According to Mr. Leong Sing Chiong, Deputy Managing Director (Markets and Development) at MAS, there has been a significant surge in the desire to convert assets into digital tokens, particularly in sectors like bonds, foreign exchange, and asset management. He expressed enthusiasm about the active involvement of financial institutions and regulatory bodies in collaborating to establish industry standards and risk management systems for the smooth rollout of tokenized capital markets products. This collaboration aims to expand the adoption of tokenized markets across various industries on a large scale.
In simpler terms, the Monetary Authority of Singapore (MAS) aims to establish tokenization as a common method across the financial sector, facilitating smoother trading and management of digital assets while maintaining secure and streamlined operations.
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2024-11-04 12:36