Singapore launches new project to test digital asset tokenisation and DeFi

As the global crypto market grapples with uncertainties amid government crackdowns, Singapore on Tuesday launched a new project to explore the tokenisation of financial assets and develop the future of Blockchain-based finance infrastructure.
“Project Guardian”, a collaboration between the Monetary Authority of Singapore and the finance industry, will explore potential decentralised finance (DeFi) applications in wholesale funding markets, while working to manage risks to financial stability and integrity, according to Deputy Prime Minister Heng Swee Keat.
“The way to approach Web 3.0 is to keep an open mind. We must pierce through both the hubris and the veil of suspicion, to understand the potentially transformative underlying technologies. Let us not throw the baby out with the bath water,” Keat said during the ‘Asia Tech X Singapore Summit’.