The Monetary Authority of Singapore (MAS) has joined forces with financial regulators from Japan, Switzerland, and the UK to foster digital asset pilots in sectors such as fixed income, foreign exchange, and asset management. These regulators will constitute the policymaker group for Project Guardian, an initiative by MAS and industry stakeholders to delve into decentralised finance applications in wholesale funding markets. The group's objectives include discussing the legal nuances of digital assets, identifying potential risks, fostering common standards for digital asset networks, ensuring high interoperability standards, facilitating industry pilots via regulatory sandboxes, and promoting knowledge sharing. Leong Sing Chiong, Deputy Managing Director at MAS, emphasised the eagerness among policymakers to comprehend digital asset innovation and its implications better.
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