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Gov’t unveils 'LEAP' framework to boost crypto and fintech

A licensing regime for stablecoin issuers starting 1 August aims to support real-world use cases.

The government has introduced the “LEAP” framework to support the growth of the region's fintech industry.

The framework focuses on four areas: legal and regulatory streamlining; expanding the suite of tokenised products; advancing use cases and cross-sectoral collaboration; and people and partnership development.

In terms of legal and regulatory streamlining, the government is establishing a comprehensive and unified regulatory framework for digital asset service providers. The Securities & Futures Commission (SFC) will oversee licensing regimes for digital asset-dealing service providers and digital asset custodianship service providers.

Meanwhile, the Financial Services & the Treasury Bureau (FSTB) and the Monetary Authority will spearhead a comprehensive legal review to facilitate the tokenisation of real-world assets and financial instruments.

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To expand the suite of tokenised products, the government will regularise the issuance of tokenised government bonds. It will also promote the tokenisation of a broader range of assets and financial instruments, demonstrating the versatility of tokenisation technology across sectors such as precious metals, non-ferrous metals, and renewable energy.

On the advancement of use cases and cross-sectoral collaboration, the implementation of a licensing regime for stablecoin issuers on 1 August will facilitate the development of real-world use cases.

The government is also fostering collaboration amongst regulators, law enforcement agencies, and technology providers to develop digital asset infrastructure.

Regarding people and partnership development, the government will strengthen talent development through partnerships with industry and academia.

It will build a sustainable talent pool through cultivating a new generation of entrepreneurs, researchers, and technologists.

The FSTB and the SFC will conduct public consultations on the licensing regimes for digital asset-dealing service providers and digital asset custodianship service providers.

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