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Singapore’s central bank and financial regulator is seeking closer cross-border collaboration for its asset tokenization project. The Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator, is planning to start crypto -related cooperation with some European countries and Japan. The MAS officially announced on Oct. 30 that it is partnering with the Financial Services Agency of Japan (FSA), the Swiss Financial Market Supervisory Authority (FINMA) and the United Kingdom’s Financial Conduct Authority (FCA) to promote joint digital asset pilots . The authority specifically seeks to carry out such pilots in relation to fixed income, foreign exchange and asset management products. The initiative builds upon Singapore’s ongoing asset tokenization project known as Project Guardian, which was launched in 2022. Under the MAS Project Guardian, Singapore’s central bank collaborated with 15 financial institutions to complete pilots on asset tokenization, which ...

India is convincing developed Western countries to trade in the India n Rupee and not the U.S. dollar. BRICS member India recently convinced the United Kingdom (UK) to settle cross-border transactions using the Rupee . The Reserve Bank of India (RBI) facilitated special Vostro bank accounts for other countries to settle imports and exports by paying with the Rupee . For the uninitiated, Vostro is a special bank account that operates domestically but clears remittances on behalf of a foreign bank that transacts in the Rupee . Also Read: BRICS: Iran Could Join Alliance After August Summit The development makes it easier for Indian businesses operating in the UK to easily transfer Rupees to vendors operating from India. Both imports and exports between vendors and businesses in the UK can seamlessly send money through the Vostro bank accounts. Therefore, the rupee’s denomination will remain intact globally but hamper the U.S. dollar by a small margin. The facilitation...

Also Read: Congress Asks US SEC To Make Clear Crypto Rules advertisement British Finance Ministry Rejects Lawmaker Calls Over Crypto As per the report, the British Finance Ministry has shown firm disagreement with the parliament’s Treasury Committee recommendations. The committee asked the ministry to regulate retail trading and investment activities in unbacked cryptocurrencies as gambling and not as financial services. Andrew Griffith, Britain’s financial services minister highlighted that treating crypto assets as gambling would push them at odds with European Union and Global regulators. However, this will also fail the attempts to mitigate risks from the crypto sector. The parliament’s Treasury Select Committee has suggested to the ministry that Bitcoin (BTC), Ethereum (ETH), and other major unbacked cryptos need to be regulated. British lawmakers seem to be worried that placing the crypto sector under the lens of financial service...