Bank of Singapore bets on tokenization
                     Bank of Singapore bets on tokenization and will explore 
DeFi together with JP Morgan
Bank of Singapore The Central Bank of Singapore will explore 
asset tokenization and DeFi together with 
bets on tokenization 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.
According to MAS, tokenization is the 
process of using a smart contract on a 
Singapore Bank, blockchain to digitally represent assets or 
other objects of value. 
Defi and JP Morgan
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).
In DeFi, financial transactions, such as 
loans and trading activities, can be carried 
Singapore Bank, out on a blockchain, without the need for intermediaries. 
Defi and JP Morgan
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.
Japan's Prime Minister Opens To 
Cryptocurrency Tax Reform To Boost 
Japan and the Web3 Growth.
Web3
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.
Japan recognizes stablecoins as digital 
money. The Parliament of Japan has 
Japan and the approved a bill that recognizes stablecoins 
as digital money. 
Web3
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.