Singapore, Japan, UK, and Switzerland to Partner on Digital Asset Innovation

The Monetary Authority of Singapore (MAS), the Financial Services Agency of Japan (FSA), the Swiss Financial Market Supervisory Authority (FINMA), and the United Kingdom’s Financial Conduct Authority (FCA) will partner on digital asset innovation, including pilots in fixed income, foreign exchange and asset management products.

The global group of regulators intends to pursue the following policy initiatives:

  • Advance discussions on legal, policy and accounting treatment of digital assets;
  • Identify potential risks and possible gaps in existing policies and legislation relevant to tokenised solutions;
  • Explore the development of common standards for the design of digital asset networks and market best practices across various jurisdictions;
  • Promote high standards of interoperability to support cross-border digital assets development;
  • Facilitate industry pilots for digital assets through regulatory sandboxes, where applicable; and
  • Promote knowledge sharing among regulators and industry.

Each jurisdiction has taken an open approach to Fintech innovation and has acknowledged there are potential benefits within the digital asset, or crypto, realm. Just today, the UK government revealed responses from a consultation of crypto assets, including a statement regarding its intent to become a top global crypto hub.

Missing from the list is the United States, which has struggled to foster a cohesive approach to crypto, leaning on rules that were established prior to the existence of the Internet. In fact, the current leadership of the Securities and Exchange Commission could be described as hostile towards digital asset innovation.

Leong Sing Chiong, Deputy Managing Director (Markets and Development) at MAS, issued the following statement on the announcement:

“MAS’ partnership with FSA, FCA, and FINMA shows a strong desire among policymakers to deepen our understanding of the opportunities and risks arising from digital asset innovation. 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.”

Register Now!
Sponsored Links by DQ Promote



Send this to a friend