Cryptocurrency has shown it’s possible to have 24/7 borderless trading. However, translating that to digital securities runs up against regulatory differences across jurisdictions. In November, UBS unveiled live transactions with Singapore’s DBS Bank and Japan’s SBI, showcasing how supportive regulations can help. We spoke to Winston Quek, CEO of Singapore’s SBI Digital Markets (SBI DM), about the potential for cross border digital securities and tokenization.
The November transactions were part of Singapore’s Project Guardian and showcased a digital yen and a native digital securities issuance. Both formed part of a repo transaction executed on the Ethereum public blockchain.
Of course, cross border securities trading happens today. But there are considerable costs and frictions because of the need to involve multiple central securities depositories (CSDs) in several jurisdictions.
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