{"id":24318,"date":"2023-10-30T11:32:05","date_gmt":"2023-10-30T11:32:05","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/singapore-plans-joint-crypto-pilots-with-japan-switzerland-and-uk\/"},"modified":"2023-10-30T11:32:07","modified_gmt":"2023-10-30T11:32:07","slug":"singapore-plans-joint-crypto-pilots-with-japan-switzerland-and-uk","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/singapore-plans-joint-crypto-pilots-with-japan-switzerland-and-uk\/","title":{"rendered":"Singapore plans joint crypto pilots with Japan, Switzerland and UK"},"content":{"rendered":"<p><\/p>\n<div data-v-8081b7b6=\"\">\n<p>The Monetary Authority of Singapore (MAS), the country\u2019s central bank and financial regulator, is planning to start crypto-related cooperation with some European countries and Japan.<\/p>\n<p>The MAS officially announced on Oct. 30 that it is partnering with the Financial Services Agency of Japan (FSA), the Swiss Financial Market Supervisory Authority (FINMA) and the United Kingdom\u2019s Financial Conduct Authority (FCA) to promote joint digital asset pilots. The authority specifically seeks to carry out such pilots in relation to fixed income, foreign exchange and asset management products. <\/p>\n<p>The initiative builds upon Singapore\u2019s ongoing asset tokenization project known as Project Guardian, which was launched in 2022. Under the MAS Project Guardian, Singapore\u2019s central bank collaborated with 15 financial institutions to complete pilots on asset tokenization, which demonstrated a significant potential for transaction efficiency.<\/p>\n<p>\u201cAs the pilots grow in scale and sophistication, there is a need for closer cross-border collaboration among policymakers and regulators,\u201d the MAS wrote, adding that the regulator has therefore established a Project Guardian policymaker group comprising the FSA, the FCA and FINMA.<\/p>\n<p>The group aims to initiate policy and accounting discussions and identify potential risks and legal gaps related to digital assets and tokenized solutions. The project also seeks to explore the development of common standards for the design of digital asset networks and find best practices across various jurisdictions. Other work vectors include interoperability, regulatory sandboxes and education related to the digital currency industry.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Singapore awards major payment institution license to Sygnum Bank subsidiary<\/em><\/strong><\/p>\n<p>\u201cMAS\u2019 partnership with the FSA, the FCA and FINMA shows a strong desire among policymakers to deepen our understanding of the opportunities and risks arising from digital asset innovation,\u201d MAS deputy managing director of markets and development, Leong Sing Chiong, said. He added:<\/p>\n<blockquote><p>\u201cThrough 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.\u201d<\/p><\/blockquote>\n<p>Singapore has been actively collaborating with global financial authorities in the field of digital currency. In September 2023, Singapore MAS completed a joint test of the cross-border trading and settlement of wholesale central bank digital currencies in collaboration with the Bank for International Settlements and the central banks of France and Switzerland.<\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>Deposit risk: What do crypto exchanges really do with your money?<\/em><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Monetary Authority of Singapore (MAS), the country\u2019s central bank and financial regulator, is planning to start crypto-related cooperation with some European countries and Japan. The MAS officially announced on Oct. 30 that it is partnering with the Financial Services Agency of Japan (FSA), the Swiss Financial Market Supervisory Authority (FINMA) and the United Kingdom\u2019s [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":24319,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[42],"tags":[],"class_list":["post-24318","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Singapore plans joint crypto pilots with Japan, Switzerland and UK | NFT &amp; Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nftandcrypto-news.com\/crypto\/singapore-plans-joint-crypto-pilots-with-japan-switzerland-and-uk\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Singapore plans joint crypto pilots with Japan, Switzerland and UK | NFT &amp; Crypto News\" \/>\n<meta property=\"og:description\" content=\"The Monetary Authority of Singapore (MAS), the country\u2019s central bank and financial regulator, is planning to start crypto-related cooperation with some European countries and Japan. 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