Korea’s daily crypto trading volume surpasses that of stocks at nearly $9B

RBI Official Encourages Indian Banks to Adopt BlockchainIn a recent conference organized by the Reserve Bank of India (RBI), Deputy Governor Mahesh Kumar Jain highlighted the importance of adopting innovative technologies like artificial intelligence (AI) and blockchain to ensure sustainable growth and stability in the country’s banking sector.Speaking at the RBI-hosted event for directors of Indian banks last week, Jain emphasized the need for effective corporate governance, governance structure, and risk management strategies to tackle future challenges arising from technological disruptions, evolving customer expectations, and cybersecurity threats.Photo by rupixen.com on UnsplashLeveraging AI and blockchainThe recommendation to leverage AI and blockchain technologies aligns with India’s digital transformation goals and the desire to enhance customer experiences while investing in cybersecurity measures. Jain advised Indian banks to prepare for the future by focusing on digital transformation, exploring innovative technologies like AI and blockchain, and seeking collaborative opportunities with other industry players. He also emphasized the importance of upskilling the workforce to meet the demands of the digital era.Inconsistent approachThis proposal comes at a time when the Indian government’s stance on cryptocurrencies remains ambiguous. While India has been exploring the introduction of a central bank digital currency (CBDC), the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which aimed to establish regulations for digital currencies, has not been legislated.According to the RBI’s annual report, which was published on Tuesday, the central bank is progressing with its retail central bank digital currency (CBDC) pilot program, with plans to expand the number of banks involved, the use cases, and the number of locations. It had expanded the scope of the project to involve one million citizens, but it’s looking to broaden that user base also. In contrast, the country’s approach to decentralized cryptocurrency has been contradictory, sometimes banning it and at other times, allowing it.It is noteworthy that India’s neighbor, Pakistan, has also recently announced plans to train one million IT graduates in AI by 2027, with potential applications in weather prediction, agriculture supply chain optimization, and health services transformation.The RBI’s recommendation to adopt AI and blockchain technologies reflects the growing recognition of their potential benefits for the banking sector.Embracing tech innovation in bankingBy embracing these technologies, Indian banks can enhance efficiency, automate processes, and strengthen security measures. The adoption of AI and blockchain has the potential to transform various aspects of banking, including risk management, fraud detection, customer service, and transaction processing.While India continues to navigate the regulatory landscape surrounding cryptocurrencies, the central bank’s focus on AI and blockchain signals its commitment to embracing technological advancements and preparing the banking sector for the future. As India’s financial ecosystem evolves, the adoption of these technologies can empower banks to offer innovative services, streamline operations, and provide secure and efficient financial solutions to customers.The RBI’s emphasis on digital transformation, AI, and blockchain paves the way for Indian banks to explore new avenues for growth and resilience. As the country progresses on its digital journey, the adoption of emerging technologies will play a pivotal role in shaping the future of the banking sector and contributing to India’s overall economic development.

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.

Hong Kong Police Issue Warning as Binance Users Lose Funds to Phishing ScamHong Kong has witnessed a surge in phishing scams targeting Binance users, prompting local law enforcement to issue a cautionary advisory.Photo by Serey Kim on UnsplashCyberDefender warningThe warning was issued by Hong Kong police via its CyberDefender Facebook page on Monday. Over the past two weeks, at least 11 Binance customers in Hong Kong fell victim to phishing scams, collectively losing over $446,000 (equivalent to HKD 3.5 million). These scams primarily involve fraudulent text messages.According to Hong Kong police, these fraudulent text messages claim to be from Binance and ask users to verify their accounts by clicking on a link provided within the message. On Facebook, the warning stated:“Recently, fraudsters posing as Binance sent text messages claiming that users must click the link in the message to verify their identity details before a deadline, otherwise their account would be deactivated.”Upon clicking the phishing link and entering their login credentials to “verify” their accounts, victims unwittingly grant fraudsters full access to their Binance accounts. This modus operandi mirrors the tactics commonly employed in phishing scams.CZ chimes inBinance CEO Changpeng Zhao (CZ) also joined in the cautionary chorus, issuing a warning to customers on his X account.The crypto sector in Hong Kong has been facing challenges recently, largely related to the recent JPEX fraud case. The losses incurred from the JPEX exchange scandal have swelled to an estimated $180 million, with over 2,300 victims filing complaints with local authorities.The JPEX scandal led to multiple arrests in Hong Kong and prompted authorities to intensify their efforts against illegal crypto activities. The Securities and Futures Commission (SFC) of Hong Kong introduced regulations mandating the licensing of all crypto exchanges operating within its jurisdiction earlier this year.To date, only two exchanges, HashKey and OSL, have secured licenses under this regulatory framework. Numerous other crypto exchanges in Hong Kong have submitted license applications, but Dubai-headquartered JPEX, despite heavily promoting its application for a Hong Kong license, failed to submit an application to the local regulator. In the wake of the JPEX scandal, the SFC published a comprehensive list of companies seeking crypto licenses and expanded its list of suspicious platforms.Cyber security firm Kaspersky found earlier this year that phishing related to crypto trading is on the rise in Asia, particularly in the Philippines. Binance’s CZ has had to issue warnings where phishing is concerned on previous occasions. He did so in July when the founder of decentralized crypto exchange (DEX) Uniswap was hacked.In February of last year, CZ came out again to warn users of a massive SMS-related crypto phishing scam. Back in 2018 a serious attempt was made to compromise the credentials of Binance platform users via phishing techniques.As phishing scams continue to pose a significant threat to crypto users in Hong Kong, and with the aftermath of the JPEX debacle still reverberating through the industry, vigilance and caution remain paramount for participants in the region’s crypto ecosystem.