In terms of specific implementation, the new pilot project will include Initial Token Offerings (ITO) and secondary market trading, which means that investors will be able to participate in the initial issuance of tokenized bonds and subsequently buy and sell them through regulated digital asset exchanges.

Written by: Aiying

Recently, Japan's SBI Digital Markets announced an enhanced role in the Monetary Authority of Singapore's (MAS) "Project Guardian" and launched a new pilot project aimed at promoting the application of tokenized securities in the global market. This announcement not only represents the strategic layout of SBI Group's subsidiary in the fintech field but also marks its in-depth exploration of asset tokenization and cross-border digital asset trading. For more details, refer to the article "Interpretation: The Commercialization Plan for Asset Tokenization by the Monetary Authority of Singapore".

I. Background of Project Guardian

"Project Guardian" is an innovative initiative launched by the Monetary Authority of Singapore in 2022, aimed at exploring the potential of blockchain technology and decentralized finance (DeFi) within the traditional financial system. The project tests how to effectively apply asset tokenization and DeFi technology within a regulatory environment through close collaboration with financial institutions and technology companies, hoping to foster a more resilient new financial market structure. Its ultimate goal is to consolidate Singapore's leading position in the global fintech field and to lead the innovation and popularization of tokenized assets.

Within the framework of "Project Guardian," the digitization of traditional financial assets is seen as an important way to enhance financial efficiency. The essence of tokenized assets is to convert financial assets in the real world (such as bonds or real estate) into digital tokens that can be freely traded on the blockchain, thereby increasing the liquidity and market accessibility of these assets. This not only helps to reduce intermediary costs but also enhances market transparency and trading efficiency.

II. The Role of SBI Digital Markets and the New Pilot Project

As an important member of Japan's SBI Group, SBI Digital Markets has played a significant role in promoting "Project Guardian" and is continuously expanding its influence. SBI Digital Markets is currently collaborating with multiple financial institutions to develop a cross-border framework specifically for tokenized securities. The core goal of this framework is to connect regulated digital asset exchanges across multiple regions to enhance the liquidity of tokenized assets and reduce trading costs. Through this global network connection, SBI Digital Markets hopes to achieve deeper financial market integration, breaking down barriers between existing markets, allowing tokenized assets to circulate and trade more efficiently on a global scale.

The newly launched pilot project particularly focuses on the fixed income market, aiming to create a global network for securities backed by tokenized assets. This network covers the entire lifecycle from initial issuance to secondary market trading. Fixed income assets typically include bonds, mortgage-backed securities, etc., and their tokenization can significantly enhance the trading convenience of these traditional assets. SBI Digital Markets is committed to optimizing every aspect from the issuance to the trading of securities through this pilot project, making the trading costs of tokenized assets lower and the transparency higher.

In terms of specific implementation, the new pilot project will include Initial Token Offerings (ITO) and secondary market trading, which means that investors will be able to participate in the initial issuance of tokenized bonds and subsequently buy and sell them through regulated digital asset exchanges.

III. Global Tokenization Trends and MAS's Strategic Intent

Asset tokenization is a means of digitizing real assets using blockchain technology. In recent years, asset tokenization has gradually gained attention globally due to its potential to enhance asset liquidity, reduce trading costs, and improve transparency. However, the lack of regulation and market uncertainty remain major obstacles to achieving large-scale application. Singapore hopes to become a leading center for global asset tokenization through MAS's policy layout. The potential of asset tokenization has been thoroughly introduced in Aiying's series on "Real World Assets (RWAs)".

• The Rise of Asset Tokenization: Exploring Opportunities in a Trillion-Dollar Market
• RWAs: The Infrastructure for Tokenization of Real World Assets
• RWAs: The Current Status and Cases of Government Bond Tokenization
• RWAs: The Tokenization of Private Credit Markets and Use Cases
• RWAs: Tokenization Cases of Commodities and Real Estate
• RWAs: The Tokenization Market and Cases of Intellectual Property
• RWAs: The Tokenization Market and Cases of Luxury Collectibles
• Interpretation of the Bank for International Settlements (BIS) Report: The Dual Nature of Risks and Opportunities in Real World Assets (RWA) and Tokenization

Aiying believes that SBI Digital Markets' initiative is a reflection of the gradual recognition and active adoption of blockchain technology and asset tokenization by global financial institutions. In this process, compliance and standards are not only a necessary issue to address but also the foundation for enterprises to gain long-term trust. In the future, as the pilot project progresses, Singapore is expected to become one of the global centers for tokenized securities trading, attracting more international capital and fintech companies.

However, there are still many challenges in promoting this transformation. For example, how to coordinate regulatory differences between countries? How to ensure the compliance and security of cross-border transactions? These are issues that require further exploration and cooperation. The establishment of a framework for tokenized assets and cross-border transactions needs to fundamentally rethink the trust mechanisms and risk control strategies of the financial system, which is precisely what Aiying is committed to providing in-depth compliance consulting and solutions for Web3 enterprises.

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