June 26, 2023
Financial Services Agency
FSA’s Participation in MAS's "Project Guardian" Initiative on Digital Assets
The Financial Services Authority (FSA) of Japan and the Monetary Authority of Singapore (MAS) announced the participation of FSA in the Project Guardian, a collaborative initiative with the financial industry on digital assets established by MAS in May 2022, in an observer capacity in accordance with the Co-operation Framework to enhance FinTech linkages established in March 2017[*].
The project aims to test the feasibility of applications of digital technologies such as asset tokenization through pilot experimentations, while managing risks to financial stability and integrity. Current industry pilots include fixed income, foreign exchange, and asset & wealth management. Project Guardian will engage industry practitioners and policymakers to explore use cases across asset classes to bolster learnings in digital assets networks.
Leong Sing Chiong, Deputy Managing Director, MAS, said: "We welcome FSA’s participation in Project Guardian. We look forward to greater public-private collaboration with FSA to support global efforts in developing a responsible and innovative digital asset ecosystem.”
Mamoru Yanase, Deputy Director-General of the Strategy Development and Management Bureau, FSA, said: "We are delighted to join the Project Guardian as an observer. Decentralized financial ecosystem continues to develop in complexity, and it is important to address emerging risks. Blockchain technology including web3 has a potential to become a strong driver of innovation. We look forward to working with MAS, traditional financial institutions and FinTech firms to further enhance our knowledge in this area."
For more information on "Project Guardian," please visit the MAS website.
Project Guardian (mas.gov.sg)
Note: The FSA and MAS do not endorse specific initiatives of DeFi protocols that private sector participants involved in this project.
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