Monetary authorities of four countries join forces to tokenize assets

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This is a big step forward on the development path of RWA.

Recently, the monetary authorities of Singapore, Japan, the United Kingdom, and Switzerland formally cooperated to establish the Guardian project.

MAS announced that it is cooperating with Japan, Switzerland and the United Kingdom to promote digital asset pilots for fixed income, foreign exchange and asset management products.

Related: https://t.co/9jQuvbcPzS

— MAS (@MAS_sg) October 30, 2023

The goal of this “handshake” is to test the tokenization of products related to foreign exchange, asset management and fixed interest rates. At the same time, cross-border cooperation will be promoted.

Specifically, the Guardian project focuses on:

Promote discussions about the legal, policy and accounting treatment of digital assets;
Financial reporting and auditing of digital assets;
Identify potential risks and possible gaps in current policies and laws related to tokenized solutions;
Explore the development of common standards and market best practices for digital asset network design in different jurisdictions;
Where applicable, facilitate digital asset pilot programs through regulatory “sandboxes”;
Promote knowledge sharing between regulators and the digital asset industry.

“The four countries’ collaboration demonstrates policymakers’ strong desire to enhance our understanding of the opportunities and risks presented by digital asset innovation.”

Leong Sing Chiong, Deputy Governor, Monetary Authority of Singapore

As we all know, tokenization is the process of encoding real-world assets— Real World Assets (RWA) – Tokens or NFTs that can be used in DeFi.Currently, RWA is a topic of particular interest to the community, even The Fed also releases the RWA report.

Although RWA is considered one of the potential narratives and is planned to be developed by many crypto projects as well as financial giants, the integration and application of highly capable RWA will still take quite a long time as the current market still has many differences between asset types. financial disparity.

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