The Monetary Authority of Singapore published a framework on June 26 detailing the benefits of decentralized finance (DeFi) and how it can fit into the financial system of the world.
The regulator believes that private blockchain networks are the best option for financial market infrastructure due to their centralized nature.
The regulator’s report — titled “Project Guardian: Enabling Open & Interoperable Networks‘ — was published in collaboration with the Bank for International Settlements, as well as a number of high-profile global lenders — including HSBC and JP Morgan, among others.
Project Guardian’s “foundational principle” is to establish “open and interoperable private networks” that enable tokenized asset exchange via DeFi protocols. These networks will only be accessible by trusted parties that are selected via regulatory mechanisms to eliminate the risk of illicit financial activity.
The project also intends to establish best practices for tokenizin
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