The Monetary Authority of Singapore (MAS), the country’s 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’s 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.
The initiative builds upon Singapore’s ongoing asset tokenization project known as Project Guardian, which was launched in 2022. Under Project Guardian, Singapore’s central bank collaborated with 15 financial institutions to complete pilots on asset tokenization, which demonstrated a significant potential for transaction efficiency.