The country’s central banking institution, the Monetary Authority of Singapore (MAS), has partnered with NASDAQ, Deloitte and Anquan to develop solutions for the exchange, tokenized digital currencies settlement and securities assets.
The project aims at reducing settlement risks and improving operational efficiency. Sopnendu Mohanty, the Chief FinTech Officer of MAS stated: “Blockchain technology is radically transforming how financial transactions are performed today, and the ability to transact seamlessly across blockchains will open up a world of new business opportunities. The involvement of three prominent technology partners highlights the commercial interest in making this a reality.”
Singapore is well-known for its beneficial policies towards blockchain sector and cryptocurrencies. In May, the MAS initiated regulatory changes which will apparently approve blockchain-related exchanges. In February, Singapore’s Deputy Prime Minister Tharman Shanmugaratnam said: “As of now, there is no strong case to ban cryptocurrency trading here.”