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MAS Update: Asset Tokenization in Project Guardian

Regulatory Innovation | Nov 16, 2023

Singapore's MAS Advances Asset Tokenization Initiatives Under Project Guardian.

Key Developments

  • MAS is collaborating with 17 financial institutions to launch five new industry pilots. These pilots are exploring a range of tokenization use cases, potentially revolutionizing the capital markets value chain, including listing, distribution, trading, settlement, and asset servicing.

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  • Innovative Pilots and Partnerships:
    • Citi, T. Rowe Price Associates, Inc., and Fidelity International are working on institutional-grade mechanisms for efficient digital asset trades.
    • BNY Mellon and OCBC are trialing a cross-border FX payment solution.
    • Ant International is developing a treasury management solution for real-time multi-currency clearing and settlement.
    • Franklin Templeton is exploring tokenized money market funds through a Variable Capital Company (VCC) structure.
    • J.P. Morgan and Apollo are focusing on digital assets for investment and management of discretionary portfolios.
  • New Funds Workstream: Responding to the funds industry's interest, MAS is launching a workstream focused on the native issuance of VCC funds on digital asset networks. This initiative will address various considerations, including tax, policy, and legal aspects, and aims to broaden distribution channels for asset managers.

Scaling Tokenized Markets

  • Global Layer One (GL1) Initiative: MAS is working with international policymakers and financial institutions to design an open, digital infrastructure for hosting tokenized financial assets and applications. GL1 aims to facilitate cross-border transactions and ensure compliance with regulatory standards.
  • Interlinked Network Model (INM): This model will provide a framework for exchanging digital assets across independent networks, allowing financial institutions to transact without being on the same network. A whitepaper detailing INM's application and design considerations has been published.

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  • International Collaboration: The inclusion of the International Monetary Fund (IMF) in Project Guardian's policymaker group adds an international perspective to the project, focusing on policies and legal issues for cross-border platforms.

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