Singapore's MAS Proposes Design Framework for Interoperable Digital Asset Networks

Singapore's cardinal slope is proposing ways to plan open, interoperable networks for tokenized integer assets.

The Monetary Authority of Singapore (MAS) presented the framework successful a Monday report, which was produced successful collaboration with the Bank for International Settlements’ (BIS) and different fiscal institutions.

The initiative, Project Guardian, has enlisted 11 institutions to trial plus tokenization crossed fiscal plus classes. Pilot studies crossed wealthiness management, fixed income and overseas speech volition beryllium carried retired by banking giants specified arsenic HSBC, Standard Chartered, DBS and Citi, according to the announcement.

Standard Chartered, for instance, is processing an archetypal token offering level to contented asset-backed information tokens listed connected the Singapore Exchange. The slope volition enactment with payments level Linklogis.

“The archetypal aviator commercialized conducted successful collaboration with Singapore Exchange and Linklogis proves the viability of assets-backed tokenization arsenic an innovative originate-to-distribute structure, and the imaginable opportunities it presents to investors to enactment successful financing real-world economical activity," said Kai Fehr, planetary caput of commercialized and moving superior astatine Standard Chartered, successful a statement.

Singapore's cardinal slope is no instrumentality of the crypto ecosystem, but has stated its committedness to promoting the technologies of the manufacture to amended existing accepted fiscal systems.

“While MAS powerfully discourages and seeks to restrict speculation successful cryptocurrencies, we spot overmuch imaginable for worth instauration and ratio gains successful the integer plus ecosystem," said Leong Sing Chiong, MAS' lawman managing manager of markets and development, successful the statement.

Last week, the MAS projected standards for the usage of integer money, including cardinal slope integer currencies (CBDCs) and stablecoins.

Ian Allison contributed reporting.