Japanese and Singaporean regulators join forces on crypto pilot project
"Decentralized financial ecosystem continues to develop in complexity, and it is important to address emerging risks," said FSA official Mamoru Yanase. On June 26, Japan's financial regulator , the Financial Services Authority (FSA), announced a partnership with the Monetary Authority of Singapore (MAS) for the joint regulation and pilot testing of crypto currency project s in accordance with the latter's "Project Guardian" initiative. The participation will be limited to observer capacity for the FSA in its current phase. Regulators wrote: "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." Established in May 2022 by the MAS, Project Guardian seeks to test the "feasibility of applications in ass...