Singapore, UK, Japan, Switzerland Ally for Global Regulation

MAS collaborated with FSA, FCA, and FINMA to drive cross-border digital asset innovation and regulatory standards.

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  • Regulatory authorities of Singapore, Japan, The United Kingdom, and Switzerland partner to form a unified digital asset regulation standard.
  • The four groups have formed a joint policymaker group.
  • The group will facilitate discussions on policymaking and accounting for digital assets.

The rapid global expansion of the cryptocurrency industry has spurred regulatory authorities worldwide to establish measures that effectively oversee the asset class.

In response to the mounting demand, four major regulatory authorities are uniting to create a global framework for regulation.

Four Regulators Fortify Global Cryptocurrency Regulation

On October 30, the Monetary Authority of Singapore (MAS) unveiled a partnership with three regulatory authorities, including the Financial Services Agency of Japan (FSA), the Swiss Financial Market Supervisory Authority (FINMA), and the United Kingdom’s Financial Conduct Authority (FCA).

The global collaboration aims to “foster responsible digital asset innovation” and advance initiatives in fixed income, foreign exchange, and asset management under Singapore’s tokenization project, Project Guardian. The authorities will jointly facilitate discussions on digital asset legalities, policies, and accounting standards to promote the development of cross-border networks.

Additionally, the MAS announced its collaboration with 15 financial institutions and established a new policymaker group consisting of the FSA, FCA, and FINMA. The group’s responsibility includes identifying potential risks and gaps in existing policies and legislation relevant to tokenized solutions, as well as promoting knowledge sharing among regulators and industry. 

MAS Deputy Managing Director (Markets and Development), Leong Sing Chiong, stated that “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.” 

Japan bolsters stablecoin regulation with a new framework. Read more: 
Japan Set for Major Stablecoin Regulation Overhaul

Crypto custodian Zodia dives into Hong Kong in its latest push for a bolstered APAC presence. Read more:
Standard Chartered’s Zodia Boosts APAC Reach With Hong Kong

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Grace Abidemi

Grace Abidemi, a cryptocurrency reporter at DailyCoin, covers industry developments and trends. She previously worked as a freelance writer. With a Bachelor's degree in German Language and certifications in marketing and storytelling, Grace creates engaging content. When not working, she's in Nigeria, mastering cooking and canvas painting, and enjoys learning about different cultures and languages.