The Monetary Authority of Singapore (MAS) Enlists Global Industry Associations for Asset Tokenisation Project
The Monetary Authority of Singapore (MAS) has enlisted global industry associations to pilot promising asset tokenisation use cases. It also plans to develop standards, market practices, and governing principles for the foundational digital infrastructure of tokenised assets.
In a statement on Thursday (June 27), MAS announced that the Global Financial Markets Association (GFMA), International Capital Market Association (ICMA), and the International Swaps and Derivatives Association (ISDA) have joined the project to drive common asset tokenisation standards in fixed income, foreign exchange (FX), and asset and wealth management.
Over the past two years, MAS collaborated with 24 financial institutions, including asset managers, market operators, custodians, credit rating agencies, and commercial banks, as part of the project.
MAS will establish three workstreams to develop standards and frameworks across key asset classes. The fixed income workstream will partner with ICMA to develop protocols and data specifications based on ICMA’s Data Taxonomy, considering the risk factors and disclosures required in a tokenised bond offering document. Additionally, workstream members will collaborate with GFMA to develop standard clauses for implementing smart contracts for fixed income products.
