How the UK’s rollback of banking regulations could risk another financial crisis 
Amazon’s $50B OpenAI Investment Tied to AGI Milestone and IPO Plans 
Boeing Secures $166.8 Million U.S. Navy Contract for P-8A Engineering and Software Support 
Mexico's Undervalued Equity Market Offers Long-Term Investment Potential 
Meta Signs Multi-Billion Dollar AI Chip Deal With Google to Power Next-Gen AI Models 
Anthropic Refuses Pentagon Request to Remove AI Safeguards Amid Defense Contract Dispute 
KiwiSaver shakeup: private asset investment has risks that could outweigh the rewards 
Bitcoin Crashes Below $65K: Bears in Full Control, Sell Rallies Now 
Lynas Rare Earths Shares Surge on Strong Half-Year Earnings and Rising Global Demand 
Gold Prices Rise as Markets Await Trump’s Policy Announcements 
Elliott Investment Management Takes Significant Stake in BP to Push for Value Growth 
Samsung and SK Hynix Shares Hit Record Highs as Nvidia Earnings Boost AI Chip Demand 
Why your retirement fund might soon include cryptocurrency 
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.
Photo by: Joshua Ang/Unsplash
