The FCA joins MAS, Singapore’s central bank, the Financial Services Agency of Japan (FSA), and the Swiss Financial Market Supervisory Authority (Finma) as part of the project.The initiative is an extension to MAS’ Project Guardian, in which the central bank collaborated with 15 financial institutions to carry out industry pilots on asset tokenisation in fixed income, foreign exchange, and asset management products. While the pilots demonstrated the potential to reap significant market and transaction efficiencies from the use of tokenisation, scale challenges entail closer cross-border collaboration among policymakers and regulators.The project aims to share knowledge and examine the benefits, regulatory challenges, and commercial use cases of asset and fund tokenisation.Leong Sing Chiong, deputy managing director, MAS, states: “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.”