The Monetary Authority of Singapore collaborates with regulatory authorities in Japan, the UK, and Switzerland to discuss digital asset regulation.

The Monetary Authority of Singapore (MAS) announced that due to the increasing scale of its digital asset pilot project, Project Guardian, MAS has formed a decision-making group with regulators from multiple countries.

MAS Collaborates with Multiple Financial Regulatory Authorities

According to the official announcement, MAS is collaborating with multiple financial regulatory authorities to jointly advance pilot projects for digital assets in fixed income, foreign exchange, asset management, and other products.

This collaboration includes:

• Financial Services Agency (FSA) of Japan

• Financial Conduct Authority (FCA) of the United Kingdom

• Swiss Financial Market Supervisory Authority (FINMA)

This is part of the Project Guardian initiative. Previously, MAS had reported that, in collaboration with various institutions, they had jointly released a "Project Guardian" to promote pilot projects for digital assets' operability and cross-border transactions by establishing an open and interoperable network.

MAS collaborates with the FSA of Japan in Project Guardian, with 11 financial institutions piloting cross-network digital asset transactions

MAS Establishes Digital Asset Pilot Decision-Making Group

The Project Guardian pilot project is ongoing, with participation from 15 financial institutions. As the scale and complexity of the pilot project continue to expand, close coordination between policymakers and regulatory authorities is essential.

List of Participating Institutions in Project Guardian

MAS has approached the FSA, FCA, and FINMA to form the decision-making group for Project Guardian, with specific objectives including:

1. Advancing discussions on the legal, policy, and accounting treatment of digital assets.

2. Evaluating existing and proposed policies related to tokenization solutions to ensure alignment with identifying potential risks.

3. Exploring best practices for digital asset network design across jurisdictions.

4. Promoting high standards of interoperability to support the development of cross-border digital assets.

5. Facilitating industry pilot projects for digital assets through regulatory sandboxes.

6. Promoting knowledge sharing between regulatory authorities and industries.

Leong Sing Chiong, Deputy Managing Director of MAS, stated:

The collaboration between MAS, FSA, FCA, and FINMA demonstrates a strong desire among policymakers to better understand the opportunities and risks brought about by digital asset innovations. Through this collaboration, we hope to promote the development of common standards and regulatory frameworks to better support cross-border interoperability and the continued growth of the digital asset ecosystem.