On June 26, Japan’s financial regulator, the Financial Services Authority (FSA), announced a partnership with the Monetary Authority of Singapore (MAS) for the joint regulation and pilot testing of cryptocurrency projects in accordance with the latter’s “Project Guardian” initiative. The participation will be limited to observer capacity for the FSA in its current phase. The regulators wrote:

Established in May 2022 by the MAS, Project Guardian seeks to test the “feasibility of applications in asset tokenisation and DeFi,” in accordance with proper regulations. The project has four areas of focus — open and interoperable networks, trust anchors, asset tokenization and institutional-grade DeFi protocols. In one notable project from the initiative: