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Singapore’s central bank is reportedly planning to establish crypto-related cooperation with Japan and some European nations. Thus, it has teamed up with the monetary authorities in Switzerland, Japan, and the United Kingdom.
The Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator, tapped the said countries to start joint digital assets pilots. To be more exact, the MAS is teaming up with the Financial Services Agency of Japan (FSA), the UK’s Financial Conduct Authority (FCA), and the Swiss Financial Market Supervisory Authority (FINMA) for this project.
Cross-Border Cooperation for Crypto Assets
As per CoinTelegraph, Singapore’s MAS announced its partnership deals with the FSA, FINMA, and FSA on Monday, Oct. 30. With the agreement, they will promote joint crypto pilots together.
The Central Bank of Singapore is pursuing closer cross-border cooperation for its asset tokenization project. It is especially seeking to implement such pilots related to foreign exchange, fixed income, and asset management services.
It was added that this plan is hinged on Singapore’s Project Guardian, which was first launched in 2022. This is an asset tokenization project that has been worked on until now.
“As the pilots grow in scale and sophistication, there is a need for closer cross-border collaboration among policymakers and regulators,” the MAS stated. The Singaporean regulator added that due to this need, it set up the Project Guardian policymaker group, which will consist of the FINMA, FCA, and FSA.
Leong Sing Chong, MAS’ deputy managing director of markets and development, also said, “Through 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.”
The Ultimate Goal of the Joint Crypto Projects
Finally, Crypto News reported that the group’s main goal is to set up a policymaker group that will simplify policy and accounting discussions. This is to make advance decisions on legal, policy, and other things related to digital assets. Lastly, the group will help pinpoint potential risks and legal gaps in the digital assets and tokenized sectors.
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