Ethereum Foundation targets Asian expansion with Bangkok set for Devcon 7

Two Singaporean firms are tokenizing a physical gold fund, joining a broader push to digitize real-world assets (RWAs) ahead of projected growth in the sector. According to CoinDesk, Marketnode, a digital infrastructure operator founded in 2021 by SGX Group and Temasek, has partnered with asset manager Lion Global Investors to tokenize the LionGlobal Singapore Physical Gold Fund. The fund, launched in November as the country’s first insured physical gold fund, will issue tokens on the Solana blockchain. The setup allows investors to subscribe to and redeem fund units on-chain through Marketnode’s network. The structure keeps traditional custody and full insurance on allocated bars, while offering an option for in-kind redemption. LionGlobal’s Enhanced Liquidity funds, denominated in U.S. dollars and Singapore dollars, will also be available on the platform.Photo by Zlaťáky.cz on UnsplashBhutan launches sovereign-backed gold tokenSingapore is among several countries moving to digitize precious metals. A separate CoinDesk report said Bhutan is expanding its blockchain strategy through Gelephu Mindfulness City, a special administrative region aimed at attracting foreign investment. The region is issuing the TER token, a gold-backed digital asset supported by the kingdom’s sovereign framework. The tokens are issued on Solana, with custody and distribution handled by DK Bank, Bhutan’s first licensed digital bank. The shift toward tokenizing tangible assets comes as analysts predict substantial growth in the market. CoinMarketCap data places the current market value of tokenized gold at about $3.2 billion. RWA market projected at $2TData from RWA.xyz shows the broader RWA market cap, excluding stablecoins, stood at $18.7 billion as of Dec. 18. In an October report, Standard Chartered projected that figure would reach $2 trillion by 2028, two years earlier than McKinsey’s forecast last year. Geoffrey Kendrick, Standard Chartered’s head of digital assets research, said the revised timeline reflects rapid expansion in the stablecoin market. He added that growth has been reinforced by the GENIUS Act, passed in the U.S. in July 2025, which introduced clear rules for fiat-backed digital tokens. Singapore tops global crypto adoptionThe collaboration comes as Singapore strengthens its leadership in digital assets. The World Crypto Rankings 2025, released on Dec. 10 by Bybit and DL Research, named Singapore the top country for crypto adoption among 79 jurisdictions. The report cited regulatory clarity and institutional maturity as key drivers, noting that more than 11% of Singaporeans hold cryptocurrency.

Ripple Expands in Asia-Pacific with Full License to Operate in SingaporeEnterprise blockchain firm Ripple announced on Wednesday (UTC) that it has secured a full license to operate in Singapore, where it has established its Asia-Pacific headquarters since 2017.Photo by Sergio Sala on UnsplashFrom outline to full approval in 4 monthsThis development marks another step in Ripple’s strategic expansion within the Asia-Pacific region, known for its rapidly growing cryptocurrency market. Ripple’s journey to obtaining this full license began less than four months ago when the Monetary Authority of Singapore (MAS) granted it an initial in-principle approval in June. With the newly acquired full license, Ripple is now authorized to offer regulated cryptocurrency payment services in Singapore, a key financial hub in the region.Brad Garlinghouse, the CEO of Ripple, expressed his enthusiasm for the company’s continued growth in Singapore, stating:“We have hired exceptional talent and local leadership, doubling headcount over the past year and plan to continue growing our presence in a progressive jurisdiction like Singapore.”Global expansion strategyThe company also highlighted the fact that over 90% of Ripple’s business occurs outside the United States, making the Asia-Pacific region, and Singapore in particular, a vital part of its global expansion strategy.Monica Long, President of Ripple, explained in a recent interview with CNBC that the Singapore office has seen substantial growth in the past year due to the booming business opportunities in the Asia-Pacific region. This expansion aligns with Singapore’s leadership in crypto regulation in the region. The introduction of the Payment Services Act, which has been in effect since January 2020, has played a large part in that, regulating payment services and crypto services to the public.Singapore’s regulatory framework also includes requirements for crypto service providers to safeguard customer assets in statutory trusts by the end of 2023 and restrictions on facilitating lending or staking of retail customers’ assets. These measures ensure consumer protection and responsible growth in the crypto industry.Praising SingaporeGarlinghouse commended Singapore’s regulatory approach, stating, “Under MAS’ leadership, Singapore has developed into one of the leading fintech and digital asset hubs, striking the balance between innovation, consumer protection and responsible growth.” Ripple’s experience in Singapore differs entirely from the ongoing legal battle it has found itself in in the United States with the Securities and Exchange Commission (SEC).Both Ripple and Coinbase have found themselves embroiled in lawsuits with the regulator in the US. In Ripple’s case, the firm and its founders have been accused of unlawfully selling their native cryptocurrency XRP without registering it with the SEC. However, a landmark ruling in July determined that XRP, as a token, may not necessarily be classified as a security.Long spoke to the contrasting experiences the firm has encountered between the United States and Singapore. Long stated:”Being in Singapore a couple weeks ago felt like night and day compared to the US in terms of open dialogue with regulators, and thus being able to build innovative *and* compliant products.”Ripple, along with Coinbase and several other crypto firms, has criticized the lack of regulatory clarity in the US and has even considered relocating operations due to the SEC’s stringent regulatory stance. Notably, Coinbase also recently announced its successful acquisition of a major payment institution license in Singapore, following its in-principle approval obtained about a year ago.

A couple of recent reports have revealed how North Korean hackers have been moving funds to a Cambodian crypto payments platform while further insight has come to light with regard to how these hackers are compromising crypto companies. Huoine PayOn July 15, Reuters reported that Cambodian currency exchange and payments firm Huione Pay had received in excess of $150,000 in digital currency from a wallet associated with notorious North Korean hacking group Lazarus. Analysis of blockchain data demonstrated that the funds had been received by the Phnom Penh-headquartered payments firm in June 2023 and February 2024. Photo by allPhoto Bangkok on Unsplash‘Pig butchering’It’s understood that Lazarus stole those digital assets from three crypto firms during the months of June and July of 2023. While Huione has suggested that it was oblivious to the origin of the funds, a blog article by blockchain analytics company Elliptic, published to its website on July 10, suggested that “Huione Guarantee is an online marketplace that has become widely used by scam operators in South East Asia.”  Elliptic went on to assert that some of these scammers employ “pig butchering” techniques, where fraudsters manipulate the victim into investing into fraudulent crypto schemes. It added that “merchants on the platform offer technology, data and money laundering services, and have engaged in transactions totaling at least $11 billion.” The National Bank of Cambodia explained to Reuters that the company is not permitted to trade crypto and that it "would not hesitate to impose any corrective measures" against Huione. The platform is believed to have strong ties to Cambodia’s ruling family. One of the firm’s three directors is understood to be a cousin of the Cambodian Prime Minister, Hun Manet. The Lazarus hacking group is believed to have masterminded a $305 million hack of Japanese cryptocurrency DMM Bitcoin in May of this year. Pseudonymous on-chain investigator ZachXBT claimed on X that $35 million of the proceeds had been laundered through the Huione platform. Compromising crypto businessesIn a related development, a report by DL News published on July 15 has found that North Korean hackers are employing a new tactic in order to compromise crypto businesses. The hackers are scanning the internet for job postings advertised by the companies they’re targeting and submitting bogus applications. A report by the United Nations Security Council has revealed that in excess of 4,000 North Koreans have taken up employment with international technology firms. Part of the social engineering-based tactics employed by the hackers includes contriving to get employees within targeted companies to install malware.  Oftentimes, the resumes and LinkedIn profiles of real people are used in order to find a way in via the recruitment process. A report by DeFiLlama suggests that $664 million has been lost via instances of crypto hacking within the first half of 2024.