Singapore Starts Digital-Asset Initiative

Singapore has begun a project to investigate potential uses of asset tokenization as the city state looks to establish itself as a hub for decentralized finance after several key crypto players left. From a report: "Project Guardian," a collaboration between the Monetary Authority of Singapore and the finance industry, will test the feasibility of applications in asset tokenization and decentralized finance (DeFi) while working to manage risks to financial stability and integrity, according to a statement from Deputy Prime Minister Heng Swee Keat on Tuesday.

The project aims to develop and pilot use cases in areas including open, interoperable networks; trust anchors; and institutional-grade DeFi protocols. The first pilot in the project will explore potential DeFi applications in wholesale funding markets. The pilot, led by DBS Bank, JPMorgan Chase and Marketnode, involves the creation of a permissioned liquidity pool comprising tokenized bonds and deposits. The MAS was relatively early among regulators to look at uses of blockchain technology, and Singapore set up a licensing regime a few years ago. However, applicants have been frustrated by the slowness of approvals, and a crypto advertising ban caught the industry off guard.

Nice oxymoron

[chthon]

A hub (the center) for decentralized finance

At least Black IPA means something...

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[Entrope]

Where is the "defi is really deregulated finance" copypasta guy when he's actually relevant?

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[DontBeAMoran]

Hum.... pasta.... /HomerDrool

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[GoTeam]

Wipe yourself off with some NFTs

tokenised assets

[Camembert]

The Singapore initiative is about tokenising classic securities which are then frozen. The idea being to allow for all kinds of creative solutions coming up. In the end the tokens can be exchanged again for the the traditional securities. It's interesting.

Finally, someone gets it

[DeplorableCodeMonkey]

In the end the tokens can be exchanged again for the the traditional securities. It's interesting.

Ssshhh, don't tell the neckbeards on this site that JPEG NFTs are just a proof of concept to demonstrate the idea and potential of tokenizing external resources.

In the real world, there is no functional registry of who owns what shares of stock in any publicly traded company. Shares are distributed over highly siloed ledgers at hundreds of firms worldwide, many of whom are not "100% compliant" in their accounti

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[Arnonyrnous Covvard]

Of course non-technical people wet themselves over hashes in an immutable data structure, because they have dollar signs in their eyes, but the concept has existed long before blockchains, for example as time stamp services. This is neither novel nor any more interesting than it was before you learned about the concept. You're just excited because it is new to YOU, so you're not seeing the problems.

Wait a minute...

[DontBeAMoran]

Isn't "Project Guardian" supposed to come from the USSR?

Does that mean that "Project Colossus" will come from Canada?