Project Guardian focuses on exploring new means of asset tokenization and DeFi expansion.
On June 26, Japan's financial regulator, the Financial Services Authority , announced awith the Monetary Authority of Singapore for the joint regulation and pilot testing of cryptocurrency projects 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."to test the"feasibility of applications in asset tokenisation and DeFi," in accordance with proper regulations.
"DBS Bank, JP Morgan and SBI Digital Asset Holdings conducted foreign exchange and government bond transactions against liquidity pools comprising of tokenised Singapore Government Securities Bonds, Japanese Government Bonds, Japanese Yen and Singapore Dollar ." Meanwhile, HSBC, Marketnode, and UOB have since concluded a pilot test of a blockchain-structured product, while UBS is exploring the issuance of Variable Capital Company funds on digital asset networks. Project Guardian isn't the first collaboration between the FSA and MAS. In 2017, the two regulatorsa joint fintech cooperation framework to promote innovation in their respective markets.
The collaboration also follows a period of relaxation on crypto laws in Japan. On June 25, Cointelegraph reported that Japan's National Tax Agency
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