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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.

South Korea is ramping up its scrutiny on cryptocurrency exchanges, with the Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC) announcing its intention yesterday to remove platforms that lack the necessary qualifications, according to the Korea Economic Daily.Unqualified exchangesIn its announcement yesterday, the FIU revealed its aim to block unqualified virtual asset service providers (VASPs) from facilitating trades in Korean won, the currency of the country. Those currently providing Korean won trading services will be eliminated from the market unless they can demonstrate they meet the required standards. With many exchanges set to renew their registrations in the latter half of this year, the FIU is gearing up for thorough evaluations through June to identify and remove unqualified VASPs. The FIU's assessments will focus on determining whether VASPs have adequate measures in place for user protection and are safeguarded against risks of money laundering. To bolster its efforts in preventing money laundering risks, the FIU intends to establish a framework where lawyers and accountants participate in crypto oversight activities.Photo by Andrea Piacquadio on PexelsExamining majority shareholder of VASPThe financial watchdog is also looking to propose amendments to the Financial Transaction Reports Act, aiming to raise the standards for VASP registration by introducing more stringent requirements. Beyond the current assessments of a VASP operator and its executives, the new regulations will involve close examination of its majority shareholder. This additional layer of scrutiny will evaluate the credibility of the major parties related to the VASP, taking into account factors such as their history of loan defaults. The FIU is set to create a system for analyzing cryptocurrency transactions and will strengthen its communication channels, not just with financial institutions but also with prosecutors and police forces. Furthermore, the agency is reviewing the Financial Action Task Force's (FATF) recommendation for freezing transactions in cases of suspicious activities. Once implemented, this will enable the FIU to temporarily halt suspicious transactions before bringing the issue to prosecutors.

The Japanese government and ruling coalition have begun coordinating plans to introduce a flat 20% separate tax on cryptocurrency gains, based on a Dec. 1 report by Nikkei cited by CoinDesk Japan. The change is expected to be reflected in the 2026 tax reform outline.Photo by Nataliya Vaitkevich on PexelsLower crypto taxes, aligned with stocksUnder the proposal, income from crypto trading would be taxed in line with traditional financial instruments such as stocks. This would mark a notable decrease from the current regime, under which cryptocurrency gains are treated in principle as miscellaneous income, combined with salary and other earnings, and taxed on a comprehensive basis at rates that can climb to around 55% including local taxes. Policymakers are reportedly treating the move toward separate taxation as contingent on the establishment of a stronger investor-protection framework through tighter regulation. The planned reforms are also seen as potentially laying the groundwork for the eventual domestic approval of exchange-traded funds (ETFs) backed by crypto assets. Market pullback deepens on policy signalsThe more favorable tax outlook for investors came against a weaker market backdrop. According to CoinMarketCap, the total crypto market capitalization declined about 1.73% over the past 24 hours, extending a pullback that followed recent communications from the central banks of Japan and China. In a Dec. 1 report by Reuters, Bank of Japan (BOJ) Governor Kazuo Ueda indicated that the central bank intended to consider the possibility of an interest-rate increase at its next policy meeting. His comments are interpreted as suggesting a potential shift toward higher rates in December, prompting concern that yen-funded carry trades could begin to be unwound. Such trades typically involve borrowing yen at low interest rates to invest in higher-yielding assets, and their reversal can create pressure on broader asset markets. In a separate weekend statement, the People’s Bank of China (PBOC) restated that digital asset trading remains illegal in China and highlighted what it described as a renewed pickup in speculative crypto activity. The central bank also singled out stablecoins as a source of risk, pointing to concerns about fraud, money laundering, and unauthorized cross-border capital flows that could undermine Beijing’s efforts to maintain capital controls. Against this policy backdrop, major cryptocurrencies moved in mixed directions. Over the past 24 hours, Bitcoin inched up around 1.02%, Ethereum declined about 0.86%, and XRP fell roughly 0.9%. Analysts split amid weak market activityAnalysts and market commentators continued to diverge on the implications of the latest pullback. Veteran trader Peter Brandt suggested on X that Bitcoin may be entering a deeper corrective phase similar to those seen in past bull markets. He cited historical instances of “exponential decay” and suggested the price could retrace toward $50,000 before potentially advancing to the $200,000–$250,000 range in the next rally cycle. Author Robert Kiyosaki, known for “Rich Dad Poor Dad,” reiterated his preference for assets such as gold, silver, Bitcoin, and Ethereum in a Nov. 29 post on X, linking this stance to his view that the Japanese carry trade had effectively run its course. Roughly a week before that message, he had disclosed selling about $2.25 million worth of Bitcoin at around $90,000 per coin, noting that his initial purchase price had been close to $6,000. By contrast, long-time Bitcoin critic Peter Schiff continued to argue in favor of precious metals. He contended that gold derives inherent value from industrial and commercial uses tied to its physical properties, including conductivity, ease of shaping, and resistance to corrosion, while maintaining that Bitcoin lacks practical utility and instead depends on investor belief. SwanDesk CEO Jacob King, another skeptic of the asset, offered an even more pessimistic assessment. He said he did not expect Bitcoin to revisit its previous all-time high and characterized the current decline as the final bear market before the asset ultimately fades from relevance. Shorter-term indicators have reinforced expectations for muted trading conditions. According to CNBC, Grayscale Head of Research Zach Pandl pointed to a decline in open interest for perpetual futures, interpreting it as a sign of reduced speculative positioning and leverage. He also highlighted relatively subdued trading volumes on both centralized and decentralized exchanges, suggesting that near-term market activity is likely to remain restrained.