Singapore's foremost financial regulator, the Monetary Authority of Singapore (MAS), has unveiled its intentions to delve deeper into the rapidly evolving realm of cryptocurrency. This announcement, made on October 30, underscores MAS's commitment to forging partnerships with European and Japanese counterparts.
The disclosed information highlights MAS's emerging collaboration with Japan's Financial Services Agency (FSA), the United Kingdom's Financial Conduct Authority (FCA), and the Swiss Financial Market Supervisory Authority (FINMA). This collaborative effort is geared towards advancing experiments in the digital asset realm, with a specific focus on the fixed income, foreign exchange, and asset management sectors.
The primary objectives of this collaborative initiative are diverse in nature. Their purpose is to stimulate meaningful conversations regarding policies and accounting related to digital assets. Furthermore, addressing legal gaps and potential risks associated with digital assets and tokenized solutions is among their top priorities.
Leong Sing Chiong, the Deputy Managing Director of MAS responsible for market oversight and development, expressed the prevailing sentiment. He emphasized that the collaboration with FSA, FCA, and FINMA signifies the collective enthusiasm among decision-makers to comprehend the diverse aspects of digital asset innovation. Leong noted that their shared goal revolves around establishing common standards and regulations that enhance cross-border compatibility and ensure the robust growth of the digital asset ecosystem.
In September 2023, MAS had already showcased its commitment to digital currency collaborations, partnering with international financial stalwarts like the Bank for International Settlements and central banks in France and Switzerland to test cross-border trade and settlements using digital currencies.