On 31 October 2023, the FCA announced that it will be partnering with regulators across the world as part of the Monetary Authority of Singapore’s (MAS) Project Guardian, a collaborative initiative with the financial industry that explores fund and asset tokenisation use cases and decentralised finance.

The FCA joins MAS, Singapore’s central bank, the Financial Services Agency of Japan and the Swiss Financial Market Supervisory Authority as part of the project.

The project aims to share knowledge and examine the benefits, regulatory challenges, and commercial use cases of asset and fund tokenisation.

Commenting on the project, the FCA’s executive director of Markets and International, Sarah Pritchard, highlighted the “significant potential in the use of distributed ledger technology to drive innovations, efficiencies, and enhanced value for customers”