Singapore has launched the Project Guardian for blockchain-based cross-border transactions with Europe, UK and Japan, in collaboration with 15 international financial institutions, namely Accenture, BNY Mellon, BNP Paribas, Credit Suisse, Fidelity Digital Assets, HSBC, Mastercard, Nasdaq, Norther Trust, Oliver Wyman, State Street Corporation, SWIFT, Temasek and Visa.
Project Guardian's aim is to develop a regulatory framework that is safe, efficient and innovative. The initiative will focus on three key areas:
- Consumer protection from fraud, abuse and other harmful activities
- Promotion of financial stability and prevention of money laundering and criminal activities
- Promoting innovation in the cryptocurrency sector.
The launch of Project Guardian is an important step towards the regulation of cryptocurrencies, with the potential to create a regulatory framework that is safe, efficient and capable of supporting the growth of the sector.
Meanwhile, Coinbase obtains the Major Payment Institution license from the Federal Reserve, which will allow it to provide payment services throughout the United States, including the ability to accept and transfer Fiat money, as well as the ability to offer debit and credit cards.
These developments indicate that traditional financial institutions are finally taking cryptocurrencies seriously and that the time for regulation is not that far away.
