JPMorgan, DBS Bank and SBI Digital Asset Holdings successfully conducted transactions in tokenized foreign exchange and government bonds in Project Guardian, one of various blockchain initiatives kicked off by the Singapore government.

JPMorgan’s digital assets unit CEO, Umar Farooq, told CNBC in an interview that a lot of time was spent mitigating risks in these transactions.

The next step is to have an identity solution in place to protect customers and their money, otherwise this would not scale, he said.