June 27 (Cointime) - The Financial Services Authority (FSA) of Japan has partnered with the Monetary Authority of Singapore (MAS) to jointly regulate and pilot test cryptocurrency projects under MAS's "Project Guardian" initiative. The FSA's participation will be limited to an observer capacity in the current phase.
The project aims to test the feasibility of digital technologies such as asset tokenization while managing risks to financial stability and integrity. Project Guardian has four areas of focus, including asset tokenization and institutional-grade DeFi protocols.
This collaboration follows a period of relaxation on crypto laws in Japan, and the National Tax Agency ruling to exempt token issuers from a 30% tax on unrealized capital gains.
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