X

Ava from Mesa

Signed up at Eternal Slots 15 minutes ago.

» Try Eternal Slots too
Do not show again

Singapore’s monetary authority (MAS) has announced the launch of a pilot project, Project Guardian. It has partnered with DBS, JPMorgan, and Marketnode. The partnership prospects for the potential growth of the economy and uses cases of digital assets in asset tokenisation and decentralised finance (DeFi). The Deputy Prime Minister of Singapore, Heng Swee Keat, launched Project Guardian during the Asia Tech Singapore Summit.

Elements of Project Guardian

Tokenisation involves representing assets in a digital form via a smart contract on the blockchain. It facilitates the exchange of assets in the real economy those of high financial value over peer-to-peer digital platforms. Its application on smart contracts enables Decentralised Finance (DeFi) as a financial service provider. The performance of these transactions is autonomous on a blockchain without requiring any intermediaries. It has the prospective enhancing efficiency, affordability, and accessibility to grow the financial markets’ liquidity and incorporate economic inclusion.

Project Guardian explores the viability of applications in tokenisation of assets and DeFi and coping with financial steadiness and integrity risks. There are four primary areas MAS seeks to focus its project. These include open, interoperable networks, trust anchors, asset tokenisation, and Institutional Grade DeFi protocols.

The MAS shall inspect the public blockchain’s utility in developing open, interoperable networks that facilitate the trading of digital assets across various platforms and liquidity pools. The interoperability also includes existing financial infrastructure. The open and interoperable networks diminish the emergence of walled gardens that restrict a range of information in digital exchanges and some private markets. Independent trust anchors enable a reliable and trustworthy environment when executing DeFi protocols. These trust anchors operate in a regulated financial institution with authorisation to screen, validate, and distribute validated credentials to parties willing to engage in DeFi protocols.

Asset tokenisation allows representing securities as digital assets and using tokenised deposits. These are on public blockchains in institutions. Project Guardian seeks to develop existing token standards, assimilate trust anchor credentials and facilitate interoperability of asset-backed tokens with digital assets in DeFi protocols over the open networks. In scrutinising the introduction of regulatory frameworks and controls into Institutional grade DeFi protocols, it mitigates operational risks and market influence. The commencing project studies the audit capabilities of smart contracts to detect vulnerabilities of codes.

QR code to visit KuCoin
Info symbol Get KuCoin

Rating: 9.3/10
Number of instruments: 1304+ instruments

Description: Do you want to invest in the new OP token? You can buy it from Kucoin. Try now!

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.!


Wholesale funding markets is the first initiative of Project Guardian. MAS will explore prospective DeFi applications in these markets. A permission liquidity pool of tokenised deposits and bonds will assist the public blockchain-based network in securing borrowing and lending. This will be through the execution of smart contracts.

MAS appreciates further initiatives in the industry. It is particularly keen on initiatives that align with Project Guardian’s four primary areas of interest. Other than Project Guardian, MAS is willing to involve itself in digital asset initiatives from the industry. It has requested all interested parties to submit their bids to the Regulatory Sandbox. These proposals shall be put up for live experimentation by MAS. Its Chief FinTech Officer, Mr. Sopnendu Mohanty, declared that MAS is actively interested in innovations and developments in the digital assets ecosystem. It shall analyse the potential possibilities and risks of new technologies. Its analysis is the impact on consumers and investors within its ecosystem. It shall also look into the financial system broadly. The Chief FinTech Officer mentions that the authority requires feasible experimentation of the financial industry and its broad ecosystem. This assists in having a deep understanding of the ever-transforming ecosystem of digital assets. He highlighted that the findings from Project Guardian will inform policy markets. There shall be a regulatory framework to derive the merits of DeFi and diminish its risks.

MAS Partnerships in Project Guardian

Marketnode, JP Morgan, and DBS lead Project Guardian. DBS and JP Morgan have experience in building digital assets and blockchain technology into wholesale banking. DBS had issued a USD 11.3 Million in digital bonds in a security token offering(STO). JPMorgan has the Onyx Digital Assets Network where trading of tokens in a fixed income market has garnered over USD 300 Billion since launching in 2020. Han Kwee Juan, Group Head of Strategy and Planning, DBS, stated that these initial probes in DeFi solutions ensure Singapore has competitiveness and relevance as a world-class financial centre.

CEO of Onyx by J.P. Morgan, Uman Farooq underlines that JPMorgan’s co-innovation with MAS will lead to plenty of industry-first products and tokenised deposits on a public blockchain. It is a significant milestone in Singapore. Martin Pickrodt, CEO of Marketnode, mentions that Marketnode’s collaboration with MAS, DBS, and JPMorgan in Project Guardian seeks to tackle existing market issues leveraging many advantages that technologies of asset tokenisation and DeFi protocols offer.

Summing it up

Crypto Lists believes these developments are in hand with the central bank of a world-class financial centre. It provides momentum in adopting digital assets and learning about blockchains by traditional financial institutions.

by Our Certified Author
Newsflash
    Are there actually really high APYs on Kucoin?Are there actually really high APYs on Kucoin?
    Thursday, 8 Dec 2022 1:43 pm
    With users' reports on KuCoin's staking rewards up to 200% + APR on USDT, there is suspicion that absurd figures on APR and APY are due to a limited supply of lending. Users fearing liquidity concerns on KuCoin due to its centralization and custodial wallets may have caused withdrawal to non-custodial...
    Read the full newsflash


    Deposit on KuCoin to get a VIP upgrade with improved fees!Deposit on KuCoin to get a VIP upgrade with improved fees!
    Friday, 25 Nov 2022 9:21 am
    Are you interested in a VIP upgrade on one of the top crypto exchanges in the world? Then you're in luck. If you sign up for KuCoin and deposit 100,000 USDT you'll get access to tier 1. If you deposit 1,000,000 USDT you'll access tier 5. With different levels in between. So, what are you waiting for?


    Are the Kucoin insolvency rumours true or false?Are the Kucoin insolvency rumours true or false?
    Sunday, 3 Jul 2022 2:11 am
    The Palm Beach letter is sending out warnings that Kucoin may be in financial troubles and that they are blocking withdrawals. They recommend all owners to take out their coins. However, when Crypto Lists> tested to withdraw coins from Kucoin, it worked without any trouble and really quick. The CEO of Kucoin, Johnny Lyu, dismiss the rumours and says there are no plans at all to stop withdrawal for customers. Kucoin recently closed a 150 million USD funding round and the CEO says there are no problems with any k...
    Read the full newsflash


    Kucoin release Luna 2.0 futures: LUNA/USDTKucoin release Luna 2.0 futures: LUNA/USDT
    Tuesday, 31 May 2022 5:45 pm
    For those into leverage trading, that is now possible with Luna 2.0 and Tether (USDT) through Kucoin (review). You can set the leverage between 1x (so no leverage) up to 20x. You can go both long and short in Luna 2.0 and if setting a take profit and stop-loss, it's simple to handle the position. Kucoin shows the amount of long and short positions, that varies constantly. While writing this - 60% are long in LUNA and 40% are short. Keen on trying? Sign-up for Kucoin today and give...
    Read the full newsflash

New Casino Reviews
New Crypto Casinos
Best Crypto Casinos
Recent Crypto Sites
Recent Crypto Coins
Keep up to date with
 

Our Newsletter

Sign up to our newsletter to get the
latest crypto news, new casinos,
bonus offers and other exciting
exclusives.
* indicates required
CryptoLists.com
Copyright © 2019-2022, by Crypto Lists Ltd (CryptoLists.com). Company name: Crypto Lists Limited. Address: 5 Upper Montagu Street, LONDON W1H 2AG, England.
Jump to top