The Monetary Authority of Singapore (MAS) is driving the commercialization of asset tokenization through new frameworks and projects. During the MAS Layer One Summit, deputy managing director Leong Sing Chiong highlighted the achievements of over 40 institutions involved in Project Guardian, which has conducted more than 15 trials across multiple jurisdictions. However, he acknowledged the ongoing challenges, including the lack of scalability and the need for supporting infrastructure. Addressing these needs, the MAS is expanding its Global Layer One initiative and has developed two new frameworks: the Guardian Fixed Income Framework and the Guardian Funds Framework, aimed at standardizing tokenization practices in capital markets. A new SGD Testnet will also facilitate access to tokenized money for secured payments and settlements, leveraging the Singapore dollar wholesale central bank digital currency (CBDC). Project Orchid introduces purpose-bound money on the testnet, marking a significant step forward for tokenization initiatives in Singapore.

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