The Monetary Authority of Singapore (MAS) has launched a digital asset pilot program to study the potential of asset tokenization and decentralized finance tagged “Project Guardian.”
Project Guardian is a collaboration between the regulator and several other key monetary gamers who will function belief anchors. The pilot includes establishments comparable to JPMorgan Chase & Co., Marketnode Pte, and DBS Bank Ltd.
The mission goals to develop use instances for asset tokenization in a number of sectors like open, interoperable networks and DeFi protocols that establishments can use. Its pilot scheme will study how DeFi could be utilized by tokenized bonds and deposit liquidity swimming pools in wholesale funding markets.
The deputy prime minister and coordinating Minister for Economic Policies, Heng Swee Keat, introduced the initiative through the Asia Tech x Singapore summit.
According to the chief fintech officer on the MAS, Sopnendu Mohanty,
“Through practical experimentation with the financial industry and the broader ecosystem, we seek to sharpen our understanding in this rapidly transforming digital assets ecosystem.”
Singapore’s strict crypto laws
Singapore is among the first international locations to regulate cryptocurrencies and using blockchain know-how. It established a licensing regime for crypto corporations a couple of years in the past.
But the candidates have been annoyed by the method, which has led to delayed approvals. The nation additionally not too long ago imposed a ban on crypto promoting. This ban is a part of Singapur’s efforts to mitigate the dangers of crypto belongings.
Earlier this yr, the managing director of MAS, Ravi Menon, warned in regards to the dangers of cryptocurrencies. He stated that malicious gamers might use digital belongings for terrorism financing and cash laundering. But a stringent licensing course of might assist flip the nation right into a “responsible global crypto hub.”
However, the transfer has led crypto corporations to transfer to different extra pleasant jurisdictions like Dubai. In latest months, a number of crypto corporations with headquarters in Singapore, comparable to ByBit Fintech Ltd, Three Arrows, and Binance Holdings Ltd, have moved their headquarters or a major a part of their operations to Dubai.
Singapore to target DeFi potentials with new JPMorgan partnership & More Latest News Update
Singapore to target DeFi potentials with new JPMorgan partnership & More Live News
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Singapore to target DeFi potentials with new JPMorgan partnership & More News Today
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