The Central Bank of Singapore will explore asset tokenization and DeFi together with JP Morgan, DBS Bank and Marketnode.

1. Bank of Singapore bets on tokenization and will explore
DeFi together with JP Morgan

2. Bank of Singapore
bets on tokenization
The Central Bank of Singapore will explore
asset tokenization and DeFi together with
JP Morgan, DBS Bank and Marketnode.
In the pilot, bonds and tokenized deposits
will be added to a regulated liquidity pool.
The announcement is timed to coincide with
remarks made by Jamie Dimon, CEO of JP
Morgan, who emphasised that investors
need to get ready for the upcoming
hurricane.

3. Singapore Bank,
Defi and JP Morgan
According to MAS, tokenization is the
process of using a smart contract on a
blockchain to digitally represent assets or
other objects of value.
This enables the fractionalization and peer-
to-peer trade of real economy and financial
assets through the Internet.
When employed in the context of financial
services, these smart contracts allow for
decentralised financing (DeFi Development
Company).

4. Singapore Bank,
Defi and JP Morgan
In DeFi, financial transactions, such as
loans and trading activities, can be carried
out on a blockchain, without the need for
intermediaries.
It could increase financial services'
effectiveness, accessibility, and
affordability. This will "boost financial market
liquidity and enhance economic inclusion,"
according to MAS.
With JP Morgan, the Singapore Central
Bank will investigate asset tokenization and
DeFi.

5. Japan and the
Web3
Japan's Prime Minister Opens To
Cryptocurrency Tax Reform To Boost
Web3 Growth.
As Tim Alper reports in Cryptonews, Fumio
Kishida told Parliament that Web3 could
boost economic growth, suggesting he may
be ready to push for business-friendly legal
reform.
Earlier in May, Kishida also spoke to British
investors about Web3, the Metaverse,
blockchain, and NFTs.

6. Japan and the
Web3
Japan recognizes stablecoins as digital
money. The Parliament of Japan has
approved a bill that recognizes stablecoins
as digital money.
In addition, it will allow its holders and
investors the possibility of exchanging them
for their nominal value.
The Japan Financial Services Agency will
legalize stablecoins issued by authorized
entities, such as licensed banks or duly
registered finance companies. The new law
will take effect in one year.