The Monetary Authority of Singapore is pulling together the projects and participants needed for the next step in its asset tokenization trials.
The Monetary Authority of Singapore (MAS) has announced a multipronged effort to advance the commercialization of asset tokenization. To achieve its goals, the MAS has drawn from various projects and produced new frameworks to provide guidance.
Speaking at the first MAS Layer One Summit, deputy managing director Leong Sing Chiong reviewed the successes of the large financial institutions participating in Project Guardian in demonstrating the potential for tokenization in foreign exchange and funds. More than 40 institutions have carried out more than 15 trials across seven jurisdictions using six currencies.
The central banker also identified the limitations of those trials:
