JPmorgan enter into a defi partnership with the Singapore MAS
JPmorgan enter into a defi partnership with the Singapore MAS
- The Monetary Authority of Singapore works with JPMorgan Chase to guide a pilot program for researching the defi-niche
- The step is an initiative to investigate economic potential and the value -adding applications from Krypto by the Central Bank of Singapore
- The project includes the creation of tokenized bonds and deposits in a liquidity pool for defi applications
The currency authority of Singapore recently Project Guardian, one, one Pilot program for digital assets to investigate the potential of the tokenization of bonds on public blockchains. The project intends to build a liquidity pool of tokenized bonds and deposits.
involved would be trustworthy financial actors who act as a trust anchor, including JP Morgan Chase & Co, DBS Bank LTD and Digital Asset Venture Marketnode. Project Guardian also aims to use the tokenization in order to achieve a benefit, such as: B. the creation of defi protocols at an institutional level to combat market manipulations.
The announcement of this initiative was given by the deputy prime minister Heng Swee Keat during the Asia Tech X Singapore summit. In the future, the Central Bank of Singapore will use the results of the pilot program to inform your decisions about cryptopolitics.
" through practical experiments with the financial industry and the broader ecosystem we try to sharpen our understanding in this rapidly changing ecosystem for digital assets. The knowledge from Project Guardian will serve to inform the political markets about the regulatory guardrails that are necessary to use the advantages of Defi and at the same time to miners." FinTech Officer of Mas Sopnendu Mohanty.
strict regulations chase crypto companies
The project start is at the end of the implementation of strict crypto regulations that have led to companies moving into friendlier environments like Dubai. Delayed permits and the bans of crypto advertising have frightened crypto companies that would otherwise have remained in the company.
In response to the stricter regulatory attitude, all Bybit fintech Ltd, Three Arrows and Bony Holdings Ltd are pulled away.
Singapore was the first company that regulated crypto company and blockchain technology and even took over a license protocols. However, Dubai recently passed laws that make it easier to introduce crypto, in line with his vision, a blockchain capital, by providing framework conditions that lead the crypto companies how they can work with the set laws.
The MAS was also concerned about crypto after warning about the possible use of digital assets for money laundering and financing terrorist activities. The Haltung is in the hope that the hope is that The strict regulation would accelerate the way to an accountable global crypto hub.
Source: Coinlist.me
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