Drew’s Financial Services Regulation team contributes to MAS’ Project Guardian initiative 24 Nov 2025 Drew & Napier’s Financial Services Regulation team, headed by Director Grace Chong and supported by Senior Associate Theodore Tay and Practice Trainee Benjamin Goh, contributed to the Monetary Authority of Singapore’s (MAS) latest industry publication, Operationalising Tokenised Funds, as part of Project Guardian – a collaborative initiative between policymakers and the financial industry to enhance liquidity and efficiency of financial markets through asset tokenisation. In the publication, the Financial Services Regulation team provided insights and perspectives on the legal structures and regulatory considerations fund managers and distributors may consider in the setting up and distribution of tokenised funds, as well as considerations for using stablecoins as a form of settlement for subscription, redemption and distribution. This publication was a joint effort led by Deutsche Bank and Philip Securities and supported by MAS, the UK FCA, Citi, Drew & Napier, Fidelity International, Franklin Templeton, Interop Labs, Momento Blockchain, Schroders, Swift, and UOB, among others. The publication Operationalising Tokenised Funds also coincides with the publication of MAS’ Guide on The Tokenisation of Capital Markets Products, which provides market participants with a clear, technology-neutral framework for how existing regulatory laws apply to tokenised capital markets offerings, helping ensure investor protection and market integrity as digital asset structures evolve. The MAS’ Guide on the Tokenisation of Capital Markets Products provides the regulatory backbone for Singapore’s digital asset ecosystem by explaining how tokenised instruments fit within existing securities laws, ensuring that investor protection, disclosure, licensing, and market conduct rules continue to apply even as new technologies emerge. Project Guardian builds on this foundation by translating these regulatory principles into practical, industry-ready solutions—developing operational frameworks, technical standards, and pilot implementations that show how tokenised funds can function at scale across custody, issuance, distribution, transferability, and settlement. Together, the Guide establishes regulatory clarity as Project Guardian continue to demonstrate how those rules can be applied in real-world financial infrastructure to support safe, interoperable, and commercially viable tokenised fund offerings. You may view the full details of the Operationalising Tokenised Funds publication here and MAS’ Guide on the Tokenisation of Capital Markets Products here.