The official stock exchange in Singapore, the Singapore Exchange (SGX) has recently partnered with the country’s Monetary Authority of Singapore (MAS) in order to develop a settlement system for tokenized assets that can work in different blockchain applications.
The news spiraled in the latest crypto news and confirmed that the newly completed delivery versus payment (DvP) system uses smart contracts in order to simplify the post-trade process as well as shorten the settlement cycle.
Aside from this, the system will make it easier for financial institutions to carry out the simultaneous exchange and final settlement of tokenized digital currencies and securities – as required under the DvP system.
According to the official press release:
“The prototypes for the platform had demonstrated that financial institutions and investors are able to carry out the simultaneous exchange and final settlement of tokenised digital currencies and securities assets on different blockchain platforms.”
The new system will act as an extension of the Project Ubin which began as a collaborative project by MAS and Singapore’s financial service industry in order to explore the possibilities of blockchain technology for clearing and settlement of payments and securities.
As the head of technology at SGX Tinku Gupta said:
“Based on the unique methodology SGX developed to enable real-world interoperability of platforms, as well as the simultaneous exchange of digital tokens and securities, we have applied for our first-ever technology patent.”
SGX initially announced thep lan to work with MAS and others in order to utilize blockchain tech with the settlement system in August this year, saying that the group will examine Project Ubin and its existing protocols to determine how to leverage them for a DvP platform.
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“We describe an extension to Zether that can also hide the sender and receiver involved in a transaction among a group of users chosen by the sender. Though the overhead associated with anonymity scales linearly with the size of the group, no trusted set-up is needed and no changes to the underlying smart contract platform are required.”The report specifies that the Zether contract will never transfer funds without checking a transfer proof in order to prevent illegal transfers. This new design makes sure that the security of Zether depends on itself and not on third-parties or outside smart contracts. All of the privacy coins that provide users with a higher level of anonymity are still receiving mixed feelings from the community. For example, Charlie Lee declared he is focused on making Litecoin more fungible and private and to implement confidential transactions sometime in 2019.
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“We will never accept won or renminbi or francs or cryptocurrency, or any other currency. You have to relieve your debts to the state of Ohio with U.S. dollars. That’s what we’re currently accepting. This platform just allows for that exchange, basically before that debt is settled to the state of Ohio.”Sprague pointed out that the treasury is reviewing how the program can be expanded and they are looking into the potential risks that can come up by using this method of tax payments. Ohio is working hard to attract blockchain-related businesses to the state. The state has already passed a law allowing businesses to pay taxes in crypto but the State Treasurer Josh Mandel stated that the legislation ‘’pants a flag’’ in Ohio regarding cryptocurrency adoption. Two days ago, the County Auditors’ Association of Ohio announced the gathering of a group that will work to explore the benefits of blockchain in real estate and transfer of land titles.
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