First tokenised forex transaction in Singapore advised by Clifford Chance
First tokenised forex transaction in Singapore advised by Clifford Chance
JP Morgan and SBI Digital Assets Holdings completed their first live foreign exchange transaction on tokenized deposits in Singapore, counseled by Magic Circle firm Clifford Chance
Tokenized deposits of Japanese yen and Singapore dollars were processed for the first time as part of the trial at JP Morgan and SBI.
The Monetary Authority of Singapore (MAS) initiated a cooperation project with the financial sector in May and the two organizations are participants. According to a statement released by the MAS, the goal of Project Guardian is to investigate the usefulness of asset tokenization, or the practice of using a blockchain-based smart contract to digitally represent assets or other valuable commodities.
An inter-party agreement outlining the implementation of the historic transaction was prepared with the assistance of a Clifford Chance team led by partner Lena Ng. The Clifford Chance team also provided regulatory handling recommendations under Singaporean law for these tokenized liabilities.
