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Singapore’s financial regulatory authority is set to create commercial applications for tokenized assets, marking the next phase following successful industry trials under Project Guardian.
The Monetary Authority of Singapore (MAS) has revealed intentions to advance tokenization within the financial services sector. This initiative will leverage the practical insights gained from Project Guardian’s pilot programs on the application of tokenized assets in capital markets, which were executed across seven jurisdictions with the involvement of over 40 financial institutions and industry groups.
The actions that the MAS intends to undertake to cultivate commercial applications for tokenized assets encompass:
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- enhancing industry liquidity;
- establishing cross-border market infrastructure;
- implementing industry standards;
- offering access to a unified settlement mechanism.
The outlined measures have already been initiated, specifically:
- Citi, HSBC, Schroders, Standard Chartered, and UOB have established an industry consortium, the Guardian Wholesale Network, aimed at facilitating capital raising and boosting liquidity in both primary and secondary markets for tokenized assets.
- A Global Layer One (GL1) global infrastructure initiative is being developed in collaboration with BNY, Citi, JP Morgan, MUFG, and Societe Generale-FORGE.
- The Project Guardian industry group has created and released the Guardian Fixed Income Framework (GFIF) and Guardian Funds Framework (GFF), which serve as industry standards for tokenization processes in debt capital markets and tokenized investment instruments.
- The SGD Testnet is utilized as a common settlement mechanism for transactions involving wholesale CBDCs in Singapore dollars.
Launched in 2022, Project Guardian has since evolved into one of the largest international initiatives in the realm of tokenized assets, exploring various usage scenarios with the participation of significant financial entities. Recently, Singaporean authorities announced the initiation of the Global Finance & Technology Network (GFTN) project as part of a new phase in the development of the local FinTech sector.
Сообщение Singapore to Develop Commercial Aspects of Tokenized Assets появились сначала на CoinsPaid Media.
