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Singapore Announces Project Guardian to the Value Created in Leveraging Asset Tokenization

Crowdfund Insider | | May 31, 2022

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The Monetary Authority of Singapore (MAS) has announced the launch of Project Guardian, an effort to reveal the value created in leveraging asset tokenization. Singapore has long been a top Asian Fintech hub and there are multiple Fintechs in the digital asset sector based in the country.

Heng Swee Keat, Deputy Prime Minister and Coordinating Minister for Economic Policies, announced the initiative today at the Asia Tech X Singapore Summit. The Deputy Prime Minister expressed Singapore’s openness to emerging disruption as well as the potential of Web3

See:  Keynote by Mr Tan Keng Heng, Executive Director, MAS: Responding to Global Trends and Returning to Fundamentals

The first pilot will be led by DBS Bank Ltd., JP Morgan, and Marketnode.  This initial phase involves the creation of a permissioned liquidity pool comprising tokenized bonds and deposits. The pilot aims to carry out secured borrowing and lending on a public blockchain-based network through the execution of smart contracts.

The four identified areas that MAS seeks to research include:

  1. Open, interoperable networks – Explore the use of public blockchains
  2. Trust anchors – Establish a trusted environment for the execution of DeFi protocols
  3. Asset tokenization – Examine the representation of securities in the form of digital bearer assets and the use of tokenised deposits issued by deposit-taking institutions on public blockchains
  4. Institutional grade DeFi protocols – Study the introduction of regulatory safeguards and controls into DeFi protocols to mitigate against market manipulation and operational risk

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