On June 26, 2020, Financial Services Authority (FSA), Japan’s financial regulator, announced about its joint venture with Monetary Authority of Singapore (MAS) for the joint regulation and pilot testing of cryptocurrency projects for its “Project Guardian” initiative. It is expected that the participation will only observe the current capacity of FSA, stated Cointelegraph.
“The project aims to test the feasibility of applications of digital technologies such as asset tokenisation through pilot experimentations, while managing risks to financial stability and integrity. Current industry pilots include fixed income, foreign exchange, and asset & wealth management,” Cointelegraph added.
Sources revealed that the initiative was taken after “DBS Bank, JP Morgan and SBI Digital Asset Holdings conducted foreign exchange and government bond transactions against liquidity pools comprising of tokenised Singapore Government Securities Bonds, Japanese Government Bonds, Japanese Yen (JPY) and Singapore Dollar (SGD),” Cointelegraph highlighted.
Furthermore, the joint venture also includes a period of relaxation on cryptocurrency laws in Japan, Cointelegraph concluded.
(With insights from Cointelegraph)
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