MAS has licensed and basically approved 11 digital payment token service providers over the last two years, including stablecoin players like Paxos, crypto exchanges like Coinhako, and traditional financial institutions like DBS Vickers. Has been given.
Singapore will also continue to evaluate applications and facilitate live experiments through regulatory sandboxes to enable secure adoption in the financial sector, Heng said.
Financial authorities are also working with the industry on several digital asset initiatives, said Heng, who launched Project Guardian at the summit on Tuesday.
This project is a collaboration by MAS to explore the tokenization of financial assets and partner with the industry to develop the future of financial infrastructure. The first industry pilot is to explore potential decentralized finance (DeFi) applications in the wholesale financing market.
“In short, we have to approach emerging technologies with an open mind and separate arrogance from its true underlying potential,” Hen said.
“Through regulation, we work constructively to realize the benefits of these new technologies and partner with responsible and innovative players with powerful risk management capabilities to lay the foundation for our digital asset ecosystem. To do.”
He also announced two new programs under the Quantum Engineering Program (QEP), a national initiative launched in 2018, aimed at leveraging quantum technology to solve real-world problems. ..