24 Nov 2025

Linklaters Advises Monetary Authority of Singapore on Tokenisation of Capital Market Products

"Linklaters advised the Monetary Authority of Singapore (MAS) on a strategic project to identify legal impediments and uncertainties in the tokenisation of capital market products. The firm analysed Singapore's common law and statutory framework, examined practical market challenges and referenced international regulatory approaches to inform MAS’s updated guidance."

Linklaters represented the Monetary Authority of Singapore (MAS) in a strategic engagement to identify legal impediments and uncertainties relating to the tokenisation of financial assets in Singapore. The engagement supported MAS in its ongoing efforts to foster responsible innovation and to develop tokenised capital market products in Singapore. Drawing on Linklaters’ financial regulatory and capital markets expertise, particularly in the fintech sector, the firm explored in detail Singapore’s legal landscape, including both common law and the national legislative framework, and examined practical challenges faced by market participants. The project informed MAS’s update to its Guide on the Tokenisation of Capital Market Products and helped strengthen Singapore’s position as a fintech and digital asset hub. Linklaters leveraged its global cross-practice and multi-jurisdictional capabilities, referencing regulatory approaches to capital markets tokenisation in the European Union, United Kingdom, Germany, Luxembourg, Japan and Hong Kong SAR to inform its advice. The firm’s market-leading multi-disciplinary team has also recently advised on the launch of the GL1 MI Toolkit to advance global financial infrastructure for tokenised assets. Linklaters represented the Monetary Authority of Singapore with a team composed by: Peiying Chua (Partner; Head of Singapore Financial Regulation and Asia Head of Fintech); Evan Lam (Partner); Jonathan Horan (Partner); Adrian Fisher (Partner); Andreas Dehio (Partner); Christian Storck (Partner); Harry Eddis (Partner); I-Ping Soong (Partner); Joel Seow (Partner); Kishore Bhindi (Partner); Michael Voisin (Partner); Motoyasu Fujita (Partner); Nicki Kayser (Partner); Raoul Heinen (Partner); Reem Alsayegh (Partner); Richard Hay (Partner); Sutthipong Koohasaneh (Partner).
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