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Singapore to focus on DeFi potentials with new JPMorgan partnership

by SB Crypto Guru News
June 1, 2022
in Crypto Exchanges
Reading Time: 2 mins read
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The Financial Authority of Singapore (MAS) has launched a digital asset pilot program to look at the potential of asset tokenization and decentralized finance tagged “Venture Guardian.”

Venture Guardian is a collaboration between the regulator and several other key monetary gamers who will function belief anchors. The pilot includes establishments resembling JPMorgan Chase & Co., Marketnode Pte, and DBS Financial institution Ltd.

The challenge goals to develop use circumstances for asset tokenization in a number of sectors like open, interoperable networks and DeFi protocols that establishments can use. Its pilot scheme will study how DeFi could be utilized by way of tokenized bonds and deposit liquidity swimming pools in wholesale funding markets.

The deputy prime minister and coordinating Minister for Financial Insurance policies, Heng Swee Keat, introduced the initiative throughout the Asia Tech x Singapore summit. 

In keeping with the chief fintech officer on the MAS, Sopnendu Mohanty, 

“By way of sensible experimentation with the monetary business and the broader ecosystem, we search to sharpen our understanding on this quickly remodeling digital property ecosystem.”

Singapore’s strict crypto rules

Singapore is likely one of the first nations to control cryptocurrencies and using blockchain expertise. It established a licensing regime for crypto corporations a couple of years in the past.

However the candidates have been annoyed by the method, which has led to delayed approvals. The nation additionally lately imposed a ban on crypto promoting. This ban is a part of Singapur’s efforts to mitigate the dangers of crypto property.

Earlier this 12 months, the managing director of MAS, Ravi Menon, warned concerning the dangers of cryptocurrencies. He mentioned that malicious gamers may use digital property for terrorism financing and cash laundering. However a stringent licensing course of may assist flip the nation right into a “accountable international crypto hub.”

Nevertheless, the transfer has led crypto corporations to maneuver to different extra pleasant jurisdictions like Dubai. In latest months, a number of crypto corporations with headquarters in Singapore, resembling ByBit Fintech Ltd, Three Arrows, and Binance Holdings Ltd, have moved their headquarters or a major a part of their operations to Dubai.

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Tags: Bitcoin NewsCrypto NewsCrypto UpdatesDeFiJPMorganLatest News on CryptoPartnershippotentialsSB Crypto Guru NewsSingaporetarget
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