Tag: Tokenization

VP Bank Partners with Metaco for Digital Asset Custody Services

by Blockchain News

VP Bank, one of the most significant financial institutions in the Principality of Liechtenstein, has collaborated with Metaco, a market-leading developer of infrastructure for digital assets. The purpose of this partnership is to work together to combine the digital asset custody and tokenization services offered by VP Bank utilizing Metaco’s Harmonize platform.

This move comes as VP Bank works toward its goal of redefining wealth management by integrating digital ecosystems with more conventional banking practices. This strategy, as VP Bank’s Chief Product Officer Marcel Fleisch explains it, enables the bank’s customers to take advantage of new possibilities and get new services. VP Bank will be able to broaden the services it provides thanks to the Harmonize platform, which will also enable support for the tokenization, minting, and storage of assets.

The Chief Growth Officer at Metaco, Seamus Donoghue, expressed his delight about the relationship and said that the Harmonize platform makes it possible for banks to satisfy the need for new asset classes. Donoghue noted that the platform gives financial institutions the ability to develop their business models in whatever way they see fit. In addition to this, he emphasized that VP Bank is a forward-thinking financial institution that caters to individual customers and intermediaries, which makes it an excellent business partner for Metaco.

Metaco has been working closely with influential members of the European market to develop and provide cutting-edge digital asset management solutions as part of its expansion efforts throughout Europe. For example, on February 9, 2023, Metaco entered into a partnership with the DekaBank of Germany to build a blockchain-based platform that was scheduled to become live in 2024. In a similar vein, on February 23, 2023, Metaco entered into a partnership with DZ Bank, a German asset manager, to include digital currencies into the asset management services that it offers.

In addition, Metaco has formed a partnership with Togg, a Turkish company that specializes in automotive technology, in order to protect its autonomous vehicle mobility services that are enabled by smart contracts. Also, on November 2, 2022, the business assisted the UnionBank of the Philippines in launching custody and trading for Ether (ETH) and Bitcoin (BTC), which marked its debut into the market in Southeast Asia.

In conclusion, thanks to VP Bank’s cooperation with Metaco, the bank will be able to broaden the scope of the digital asset services it provides and better use the potential of the Harmonize platform. The track record that Metaco has established via its collaboration with key financial players throughout Europe and Southeast Asia proves that the company is capable of delivering innovative solutions for the custody of digital assets and the tokenization of such assets.

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Institutional Investors Seek Tokenization Solutions

by Blockchain News

Institutional investors managing trillions of dollars worldwide are seeking solutions for tokenization, which can allow fractional ownership of an asset that previously had to be sold as a whole. This method can improve liquidity for global assets, which is expected to reach $145.4 trillion by 2025, according to Big Four firm PwC. Polygon, a blockchain scaling and infrastructure development platform, has been working with many global players in this space, including Hamilton Lane and JPMorgan.

In January, Hamilton Lane announced the first of three tokenized funds backed by Polygon, bringing part of its $824 billion in assets under management on-chain. By tokenizing its flagship Equity Opportunities Fund, Hamilton Lane was able to lower the minimum required investment from an average of $5 million to $20,000. This move enables greater accessibility for smaller investors and creates a more liquid market for the asset.

JPMorgan also explored the potential of decentralized finance (DeFi) for wholesale funding markets by executing its first cross-border DeFi transaction on the Polygon network in November. This initiative is part of a pilot program that aims to leverage the benefits of blockchain technology to improve traditional financial markets.

Polygon offers a blockchain scaling solution that enables developers to build and connect decentralized applications. The platform has been working on providing institutional-grade infrastructure for tokenization, which is crucial for institutional investors who require reliable and secure systems. Colin Butler, the global head of institutional capital at Polygon, acknowledges the need for institutional-grade systems and solutions that are easy to implement, flexible, and upgradeable, which are essential for institutional investors to integrate tokenization into their existing systems.

Overall, tokenization presents a significant opportunity for institutional investors to improve liquidity and accessibility to a wider range of investors, and platforms like Polygon are working to provide the necessary infrastructure to support the growth of this market.

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BlackRock CEO Highlights Digital Assets and Tokenization

by Blockchain News

The Chief Executive Officer of the American investment firm BlackRock, Larry Fink, sent an annual letter to the board of directors in which he emphasized the possibilities of digital assets and tokenization for the asset management business. Fink made notice of the continued interest in these kinds of assets, notwithstanding the disaster that occurred with FTX, and he brought attention to the “interesting changes” that have been taking place in this sector.

Particularly, Fink mentioned the “dramatic gains” that have been made in digital payment systems, which are contributing to the progression of financial inclusion in developing countries such as India, Brazil, and Africa. This is crucial since the residents of these communities may not have access to standard financial institutions due to a lack of availability.

Tokenization, which refers to the act of putting assets or securities on a blockchain as digital tokens, may also give advantages, like enhanced liquidity and transparency. It’s possible that BlackRock, which is the biggest asset manager in the world, will be in a good position to capitalize on these trends in the years to come.

It is important to remember that BlackRock has in the past indicated that it is interested in the bitcoin and blockchain industries. In 2018, the corporation established a working group to investigate possible applications for blockchain technology. Two years later, in 2020, the company raised its interests in two Bitcoin mining companies that are publicly listed.

In general, Fink’s letter sheds insight on the increasing interest that the asset management sector is showing in digital assets and tokenization, as well as the potential that these two trends have. It will be fascinating to see how BlackRock and other big financial organizations adapt to new technological developments and integrate these trends into their business plans as technology continues to evolve.

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HSBC to Issue Digital Bonds to Institutional Investors through Tokenization Platform

by Blockchain News

Multinational banking giant HSBC has revealed plans to issue digital bonds to corporates and financial institutions through its new proprietary tokenization platform called HSBC Orion.

By harnessing the power of distributed ledger technology (DLT), HSBC Orion will enable token-based transactions. As a result, attain digital delivery versus payment.

 

Per the report:

“The platform leverages blockchain technology as a ‘single source of truth,’ whereby asset and settlement tokens sit natively and securely on the platform’s ledger.”

Therefore, HSBC Orion is eyeing the issuance of the first-ever GBP tokenized bond in accordance with Luxembourg law.

 

Once rolled out, HSBC Orion will be expanded to other asset classes and locations.

 

John O’Neill, HSBC’s global head of digital asset strategy, markets, and securities services, pointed out:

“Digital assets are a fast-growing part of financial markets. Our clients are demanding solutions that can deliver the benefits of tokenization within a trusted and secure environment.”

Since tokenization presents opportunities for fixed income like improved operational performance and faster processing, HSBC Orion is deemed a stepping stone towards this objective.

 

O’Neill added:

“We are excited to be meeting this growing need by launching HSBC Orion, our strategic platform for tokenized assets. We plan to use HSBC Orion to facilitate further digital bond issuance and expand its usage to other products in 2023.”

On his part, Zhu Kuang Lee noted that HSBC Orion would offer a secure and trusted backbone when it comes to the issuance of tokenized bonds.

 

The chief digital, data, and innovation officer at HSBC Securities Services, said:

“We believe that tokenization solutions complement and expand HSBC’s best-in-class custody and asset servicing capabilities, and we plan to widen our support for digital assets in 2023.”

Meanwhile, HSBC recently conducted a blockchain-based trade finance transaction between SAIC Motor, a Chinese car manufacturer, and Taajeer Group, the exclusive agent for MG cars in Saudi Arabia, Blockchain.News reported.  

 

HSBC acknowledged the use of DLT had the potential to revamp the trade finance sector by slashing transaction times to less than 24 hours from the present five to ten days.

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Hamilton Lane Tokenizes Funds to Offer Individual Investors Access Private Markets

by Blockchain News

Hamilton Lane, a global private markets investment firm, formed a partnership deal with digital asset securities firm Securitize to tokenize three of its investment funds on Wednesday. 

Through the partnership, funds to be tokenized include unlisted equities, private credit, and secondary transactions.

Hamilton Lane, which has $835 billion in assets under management, plans to give qualified U.S.-based investors access to funds through providing exposure to direct equities, private credit, and secondary transactions, which will be tokenized via Securitize’s blockchain-based digital transfer agency.

Hamilton’s tokenized funds are expected to be available by the fourth quarter, enabling a broader investor base to access the funds. Customers will still need to be accredited, which means those with a net worth of more than $1 million or income above $200,000.

Victor Jung, Head of Digital Assets at Hamilton Lane, commented about the development: “This collaboration with Securitize is our latest step toward enabling access to the strong returns and performance opportunities generated within the private markets space for a newer set of investors while increasing usability and transparency through the use of blockchain technology.”

The new tokenized funds highlight Hamilton’s commitment to expanding ease of access to the private markets through the use of blockchain technology. Private-equity investments are generally accessible only to institutional investors or ultra-high-net-worth investors. But blockchain has opened up the access of private-market strategies to retail investors.

Therefore, converting funds into security tokens enables individual investors to place money in assets previously only accessible to institutions. It reduces issuance and administration costs and enables fractional ownership.

Hamilton Lane’s move follows the announcement last month when KKR tapped blockchain technology further to open its private equity strategy to individual investors. The developments signal a series of asset management firms using intermediaries to expand access to funds to high net-worth individuals and accredited investors.

Other asset managers, like Partners Group, Investcorp, and Temasek-backed Mapletree, also tokenized their funds recently, as they know that individual investors will increasingly drive their growth investments.

 

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Asset Tokenization to Expand into $16.1M Business Opportunity by 2030: BCG, ADDX Report

by Blockchain News

Asset tokenization will expand into a US$16.1 million business opportunity by 2030, according to a joint report published by BCG and ADDX.

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The report suggested that the growth forecast was made by studying the potential of the crypto winter as it has been prompting capital to focus on more viable blockchain use cases.

According to the BCG and ADDX report – titled “Relevance of on-chain asset tokenization in ‘crypto winter’” – the drive behind the projected growth in tokenization of assets is also due to demand from a wide range of investors for more access to private markets.

Asset tokenization refers to the creation of tokens on a blockchain to represent an asset in order to facilitate more efficient transactions. The tokenization and fractionalization of assets lower barriers to investment in private markets by reducing minimum lot sizes.

The report indicated that “assets being fractionalized and tokenized on platforms such as ADDX can reduce minimum investment sizes from millions of dollars to just thousands of dollars.”

“Previously, investments of this kind were only available to institutions. Tokenized investments can also be effectively ‘borderless’, allowing investors around the world to invest in markets they were previously unable to access,” it added.

Backtracking to previous years, assets globally were also held in illiquid formats, and past studies have estimated that the share of illiquid assets was at more than 50% of overall assets.

In comparison to asset tokenization, illiquid assets face challenges such as imperfect price discovery and trading discounts compared to liquid assets, according to the BCG and ADDX report. However, tokenization is simple as it creates liquidity by making it easier for the assets to be distributed and traded among investors.

The BCG and ADDX report has also listed five indications – increased trading volume in tokenized assets, strengthening stakeholder sentiment across many countries, recognition among monetary authorities and regulators, more asset classes being tokenized and a growing pool of active developer talent in the blockchain space – that asset tokenization may be on the cusp of wide global adoption.

In light of this opportunity, institutions have already begun tokenizing private funds on ADDX’s platform. “Partners Group listed its Global Value SICAV Fund on the platform in September 2021, while Hamilton Lane’siii Global Private Assets Fund launched on the platform in March 2022,” according to BCG and ADDX.

The majority of global growth in tokenized assets is expected in real estate, equities, bonds and investment funds, as well as less traditional assets such as car fleets and patents.

“With a 50-fold increase predicted between 2022 and 2030, from US$310 billion to US$16.1 trillion, tokenized assets are expected to make up 10% of global GDP by the end of the decade,” the report states.

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Henry Cheng’s owned Knight Dragon to Issue 100,000 Tokens for Luxury Real Estates in London

by Blockchain News

Two real estate properties located in London are now being tokenized. Hong Kong property tycoon Henry Cheng’s owned Knight Dragon will issue 100,000 security tokens for the real estate items, according to Forbes.

Global law firm Baker McKenzie announced on Tuesday that it has advised Knight Dragon Investments Limited (“Knight Dragon”) and its subsidiary KD Tokens Limited on the tokenization of economic interests in the 191-unit Building 4, Upper Riverside Development – a 191-unit luxury residential development that is located in London, United Kingdom.

Baker McKenzie offered legal and financial structure and other advisory services, which enabled Knight Dragon to tokenize its 29-story high-rise luxury residential development, which is at the heart of the corporation’s ten million-square-foot iconic Greenwich Peninsula development.

The 191-unit luxury residential property is the UK’s latest real estate-backed security token offering (STO) and the first project of Knight Dragon Investments’ real estate tokenization plan to tokenize approximately $500 million of its real estate projects across the UK in the near future.

Knight Dragon, a London-based property developer owned by Hong Kong’s property tycoon Henry Cheng, tokenized at least $140 million of the value of the 191-unit luxury residential property.

According to Forbes, citing Knight Dragon’s announcement that it plans to issue 100,000 security tokens. The tokens, named KDB4, will entitle their holders to a share of 80% of the gross profits generated from Knight Dragon’s Building 4. 

KDB4 Tokens are created and digitized using Blockchain technology and Baker McKenzie’s advisory services and issued on the technology. Investors (holders of KDB4 Tokens) will share 80% of the gross profit generated from the prime Central London real-estate development. Part of the profits made from Greenwich Peninsula Building 4 will be distributed to each holder of KDB4 Tokens.

Knight Dragon’s token structure is backed by the property’s audited, actual cash flows. With blockchain, investors benefit from the token’s simplicity and transparency, which represents profits from a prime Central London real estate development. Holders of the tokens are also set to automatically be entitled to future Knight Dragon developments in Greenwich Peninsula, having the first right to invest in or buy future offerings from Knight Dragon.

Joy Lam, a virtual asset specialist, who led the Baker McKenzie team in advising Knight Dragon, said the Knight Dragon building tokenization is a ground-breaking transaction that transforms a traditionally illiquid asset into an efficient and transparent investment product that is accessible to a broad base of investors.

“We are pleased to be advising on the structure and offer of these blockchain-native digital tokens that represent a fractionalized interest in the economics of prime real estate in Central London. This innovative transaction clearly demonstrates how blockchain technology can be harnessed by future-oriented asset owners.”

Knight Dragon Developments is a property developer, interior designer, real estate investor, and property services manager. The real estate development firm is incorporated in Hong Kong with an experienced development team and is an investment vehicle owned by Henry Cheng of New World Development.

The urban regeneration of Greenwich Peninsula is becoming big enough to hold its own against the massive 51-storey skyscrapers of Canary Wharf.

A former industrial site, Greenwich Peninsula is poised to become home to 40,000 people over the next 10 years. It is emerging as a destination to visit, and a place to work and grow a business – particularly for those in the creative industries.

Some 5,000 residents have already moved into the two out of seven neighbourhoods already completed (Upper Riverside and Lower Riverside).

Dr Henry Cheng Kar-Shun, the son of the founder of Chow Tai Fook Jewellery Group, is chairman of Knight Dragon. Dr Cheng worked with Knight Dragon founder and vice-chairman Sammy Lee and CEO Richard Margree to acquire Greenwich Peninsula back in 2012.

Blockchain Boosting Real Estate Business

The latest development by Knight Dragon is a testimony that blockchain-based real estate is gaining increasing popularity as a way for investors, buyers, and sellers to interact with each other and learn about properties.

Blockchain is making a tremendous impact on the real estate industry. By leveraging Distributed Ledger Technology (DLT), trust increases through greater transparency in the sector. Trust in real estate websites, agents, and listings are imperative in the industry. Blockchain expedites contract processes, saves time, and reduces costs.

The technology makes it possible for users to tokenize houses, properties, and apartments and represent them on the blockchain.

Image source: Shutterstock

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Henry Cheng’s owned Knight Dragon to Issue 100,000 Tokens for Luxury Real Estate in London

by Blockchain News

Two real estate properties located in London are now being tokenized. Around 100,000 security tokens will be issued, according to Forbes.

Global law firm Baker McKenzie announced on Tuesday that it has advised Knight Dragon Investments Limited (“Knight Dragon”) and its subsidiary KD Tokens Limited on the tokenization of economic interests in the 191-unit Building 4, Upper Riverside Development – a 191-unit luxury residential development that is located in London, United Kingdom.

Baker McKenzie offered legal and financial structure and other advisory services, which enabled Knight Dragon to tokenize its 29-story high-rise luxury residential development, which is at the heart of the corporation’s ten million-square-foot iconic Greenwich Peninsula development.

The 191-unit luxury residential property is the UK’s latest real estate-backed security token offering (STO) and the first project of Knight Dragon Investments’ real estate tokenization plan to tokenize approximately $500 million of its real estate projects across the UK in the near future.

Knight Dragon, a London-based property developer owned by Hong Kong’s property tycoon Henry Cheng, tokenized at least $140 million of the value of the 191-unit luxury residential property.

According to Forbes, citing Knight Dragon’s announcement that it plans to issue 100,000 security tokens. The tokens, named KDB4, will entitle their holders to a share of 80% of the gross profits generated from Knight Dragon’s Building 4. 

KDB4 Tokens are created and digitized using Blockchain technology and Baker McKenzie’s advisory services and issued on the technology. Investors (holders of KDB4 Tokens) will share 80% of the gross profit generated from the prime Central London real-estate development. Part of the profits made from Greenwich Peninsula Building 4 will be distributed to each holder of KDB4 Tokens.

Knight Dragon’s token structure is backed by the property’s audited, actual cash flows. With blockchain, investors benefit from the token’s simplicity and transparency, which represents profits from a prime Central London real estate development. Holders of the tokens are also set to automatically be entitled to future Knight Dragon developments in Greenwich Peninsula, having the first right to invest in or buy future offerings from Knight Dragon.

Joy Lam, a virtual asset specialist, who led the Baker McKenzie team in advising Knight Dragon, said the Knight Dragon building tokenization is a ground-breaking transaction that transforms a traditionally illiquid asset into an efficient and transparent investment product that is accessible to a broad base of investors.

“We are pleased to be advising on the structure and offer of these blockchain-native digital tokens that represent a fractionalized interest in the economics of prime real estate in Central London. This innovative transaction clearly demonstrates how blockchain technology can be harnessed by future-oriented asset owners.”

Knight Dragon Developments is a property developer, interior designer, real estate investor, and property services manager. The real estate development firm is incorporated in Hong Kong with an experienced development team and is an investment vehicle owned by Henry Cheng of New World Development.

The urban regeneration of Greenwich Peninsula is becoming big enough to hold its own against the massive 51-storey skyscrapers of Canary Wharf.

A former industrial site, Greenwich Peninsula is poised to become home to 40,000 people over the next 10 years. It is emerging as a destination to visit, and a place to work and grow a business – particularly for those in the creative industries.

Some 5,000 residents have already moved into the two out of seven neighbourhoods already completed (Upper Riverside and Lower Riverside).

Dr Henry Cheng Kar-Shun, the son of the founder of Chow Tai Fook Jewellery Group, is chairman of Knight Dragon. Dr Cheng worked with Knight Dragon founder and vice-chairman Sammy Lee and CEO Richard Margree to acquire Greenwich Peninsula back in 2012.

Blockchain Boosting Real Estate Business

The latest development by Knight Dragon is a testimony that blockchain-based real estate is gaining increasing popularity as a way for investors, buyers, and sellers to interact with each other and learn about properties.

Blockchain is making a tremendous impact on the real estate industry. By leveraging Distributed Ledger Technology (DLT), trust increases through greater transparency in the sector. Trust in real estate websites, agents, and listings are imperative in the industry. Blockchain expedites contract processes, saves time, and reduces costs.

The technology makes it possible for users to tokenize houses, properties, and apartments and represent them on the blockchain.

Image source: Shutterstock

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Knight Dragon Tokenizes First Luxury Residential Development in London

by Blockchain News

Two real estate properties located in London are now being tokenized. 

Global law firm Baker McKenzie announced on Tuesday that it has advised Knight Dragon Investments Limited (“Knight Dragon”) and its subsidiary KD Tokens Limited on the tokenization of economic interests in the 191-unit Building 4, Upper Riverside Development – a 191-unit luxury residential development that is located in London, United Kingdom.

Baker McKenzie offered legal and financial structure and other advisory services, which enabled Knight Dragon to tokenize its 29-story high-rise luxury residential development, which is at the heart of the corporation’s ten million-square-foot iconic Greenwich Peninsula development.

The 191-unit luxury residential property is the UK’s latest real estate-backed security token offering (STO) and the first project of Knight Dragon Investments’ real estate tokenization plan to tokenize approximately $500 million of its real estate projects across the UK in the near future.

Knight Dragon tokenized at least $140 million of the value of the 191-unit luxury residential property. The No.4 Upper Riverside STO (KDB4 Tokens) was created and digitized using Blockchain technology and Baker McKenzie’s advisory services and issued on the technology. Investors (holders of KDB4 Tokens) will share 80% of the gross profit generated from the prime Central London real-estate development. Part of the profits made from Greenwich Peninsula Building 4 will be distributed to each holder of KDB4 Tokens.

Knight Dragon’s token structure is backed by the property’s audited, actual cash flows. With blockchain, investors benefit from the token’s simplicity and transparency, which represents profits from a prime Central London real estate development. Holders of the tokens are also set to automatically be entitled to future Knight Dragon developments in Greenwich Peninsula, having the first right to invest in or buy future offerings from Knight Dragon.

Joy Lam, a virtual asset specialist, who led the Baker McKenzie team in advising Knight Dragon, said the Knight Dragon building tokenization is a ground-breaking transaction that transforms a traditionally illiquid asset into an efficient and transparent investment product that is accessible to a broad base of investors.

“We are pleased to be advising on the structure and offer of these blockchain-native digital tokens that represent a fractionalized interest in the economics of prime real estate in Central London. This innovative transaction clearly demonstrates how blockchain technology can be harnessed by future-oriented asset owners.”

Knight Dragon Developments is a property developer, interior designer, real estate investor, and property services manager. The real estate development firm is incorporated in Hong Kong with an experienced development team and is an investment vehicle owned by Dr. Henry Cheng.

The urban regeneration of Greenwich Peninsula is becoming big enough to hold its own against the massive 51-storey skyscrapers of Canary Wharf.

A former industrial site, Greenwich Peninsula is poised to become home to 40,000 people over the next 10 years. It is emerging as a destination to visit, and a place to work and grow a business – particularly for those in the creative industries.

Some 5,000 residents have already moved into the two out of seven neighbourhoods already completed (Upper Riverside and Lower Riverside).

Dr Henry Cheng Kar-Shun, the son of the founder of Chow Tai Fook Jewellery Group, is chairman of Knight Dragon. Dr Cheng worked with Knight Dragon founder and vice-chairman Sammy Lee and CEO Richard Margree to acquire Greenwich Peninsula back in 2012.

Blockchain Boosting Real Estate Business

The latest development by Knight Dragon is a testimony that blockchain-based real estate is gaining increasing popularity as a way for investors, buyers, and sellers to interact with each other and learn about properties.

Blockchain is making a tremendous impact on the real estate industry. By leveraging Distributed Ledger Technology (DLT), trust increases through greater transparency in the sector. Trust in real estate websites, agents, and listings are imperative in the industry. Blockchain expedites contract processes, saves time, and reduces costs.

The technology makes it possible for users to tokenize houses, properties, and apartments and represent them on the blockchain.

Image source: Shutterstock

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Singapore Regulator MAS is Exploring Use of Cases in Digital Assets

by Blockchain News

The Monetary Authority of Singapore (MAS) has launched Project Guardian. This sandbox initiative is set to explore a number of defined use cases with respect to asset tokenisation on the blockchain. 

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Project Guardian was floated in partnership with DBS Bank, JPMorgan Chase and Marketnote. Per the announcement, the MAS and its partners will “test the feasibility of applications in asset tokenisation and DeFi while managing risks to financial stability and integrity.” The project will explore use cases in 4 categories, including Open, interoperable networks, Trust anchors, Asset tokenisation, and Institutional grade DeFi protocols.

Within the context of its announcement, the MAS defined tokenisation as “the process of digitally representing assets or items of value through a smart contract on a blockchain. This allows high value financial and real economy assets to be fractionalised and exchanged over the internet on a peer-to-peer basis.”

Per its goals, the Singapore banking regulator seeks avenues whereby the emerging DeFi and smart contract governed finance services world will be brought under appropriate regulatory oversight in a bid to provide encompassing benefits to all industry participants.

“MAS is closely monitoring innovations and growth in the digital asset ecosystem and working through the potential opportunities and risks that come with new technologies – to consumers, investors and the financial system at large. Through practical experimentation with the financial industry and the broader ecosystem, we seek to sharpen our understanding of this rapidly transforming digital assets ecosystem. The learnings from Project Guardian will serve to inform policy markets on the regulatory guardrails that are needed to harness the benefits of DeFi while mitigating its risks,” said Sopnendu Mohanty, Chief FinTech Officer MAS.

While it defined the 4 primary areas it wishes to focus its exploration on, the MAS said additional innovations can be shared by industry participants provided they align with the overall goal it aims to achieve, a move that is contrary to earlier attempts to tighten anything crypto business activities.

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