1 year ago
The Monetary Authority of Singapore (MAS) has announced a planetary tokenization inaugural that seeks to let tokenized assets to beryllium exchanged by antithetic fiscal institutions crossed borders. The initiative, touted by MAS officials arsenic the improvement of Project Guardian, a bid of tokenization pilots carried by the institution, has the enactment of banking powerhouses similar BNY Mellon, DBS, JPMorgan, and MUFG.
Monetary Authority of Singapore Announces Global Layer One Tokenization Project
The Monetary Authority of Singapore (MAS) announced Global Layer One (Gl1), an inaugural to integrate planetary tokenization activities nether 1 interconnected network. The project, which has the engagement and enactment of banking behemoths similar BNY Mellon, DBS, JPMorgan, and MUFG, seeks to “facilitate seamless cross-border transactions and alteration tokenized assets to beryllium traded crossed planetary liquidity pools, portion gathering applicable regulatory requirements and guidelines.”
The MAS announcement besides establishes that the amalgamation of nationalist and backstage companies successful this task volition guarantee that the integer structures resulting from this inaugural volition comply with planetary standards and regulations.
GL1’s web is being presented arsenic an improvement of Project Guardian, a bid of initiatives exploring the aboriginal of tokenization successful fiscal markets.
MAS Deputy Managing Director of Markets and Development Leong Sing Chiong stated that portion Project Guardian has “successfully demonstrated that tokenized fiscal assets specified arsenic fixed income, overseas speech and plus absorption products tin beryllium traded, distributed, and settled seamlessly crossed borders,” determination is simply a request for a scalable infrastructure “to afloat recognize the imaginable of tokenized markets, and execute web effects.”
Interconnected Tokenization Networks and More Pilots
In addition, the authorization besides announced the conception of an Interlinked Network Model (INM), a protocol to let fiscal institutions and banks to speech and transportation tokenized assets adjacent if they are not contiguous successful the aforesaid network. A whitepaper detailing architecture considerations and implementation proposal is already disposable publicly.
As portion of Project Guardian, the authorization announced 5 much pilots involving antithetic usage cases with respective manufacture giants.
Citi, T. Rowe Price Associates, Inc., and Fidelity International are investigating a bilateral integer assets commercialized mechanism. BNY Mellon and OCBC are piloting a solution for cross-border FX outgo crossed antithetic networks. Ant Group is experimenting with a planetary liquidity absorption solution to let worldwide multicurrency clearing and settlements.
Also, Franklin Templeton is exploring tokenizing wealth marketplace funds utilizing integer assets for shares. JPMorgan and Apollo are moving connected an plus absorption suite utilizing integer assets to trim manual processes.
What bash you deliberation astir MAS’ tokenization initiatives? Tell america successful the comments conception below.
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