The rapid global expansion of the cryptocurrency industry has spurred regulatory authorities worldwide to establish measures that effectively oversee the asset class.
In response to the mounting demand, four major regulatory authorities are uniting to create a global framework for regulation.
Four Regulators Fortify Global Cryptocurrency Regulation
On October 30, the Monetary Authority of Singapore (MAS) unveiled a partnership with three regulatory authorities, including the Financial Services Agency of Japan (FSA), the Swiss Financial Market Supervisory Authority (FINMA), and the United Kingdom’s Financial Conduct Authority (FCA).
The global collaboration aims to “foster responsible digital asset innovation” and advance initiatives in fixed income, foreign exchange, and asset management under Singapore’s tokenization project, Project Guardian. The authorities will jointly facilitate discussions on digital asset legalities, policies, and accounting standards to promote the development of cross-border networks.
Additionally, the MAS announced its collaboration with 15 financial institutions and established a new policymaker group consisting of the FSA, FCA, and FINMA. The group’s responsibility includes identifying potential risks and gaps in existing policies and legislation relevant to tokenized solutions, as well as promoting knowledge sharing among regulators and industry.
MAS Deputy Managing Director (Markets and Development), Leong Sing Chiong, stated that “MAS’ partnership with FSA, FCA and FINMA shows a strong desire among policymakers to deepen our understanding of the opportunities and risks arising from digital asset innovation. Through this partnership, we hope to promote the development of common standards and regulatory frameworks that can better support cross-border interoperability, as well as sustainable growth of the digital asset ecosystem.”
Source : DailyCoin / October 30, 2023