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The United Arab Emirates (UAE) has taken a step toward global tax transparency in digital assets, opening a public consultation on how it will implement the Organisation for Economic Co-operation and Development’s (OECD) Crypto-Asset Reporting Framework (CARF) and confirming a formal commitment to the regime. The UAE Ministry of Finance said it has joined the Multilateral Competent Authority Agreement, enabling the automatic exchange of information under CARF, following its intention announced last November. Implementation is slated to begin in 2027, with the first cross-border exchanges of data expected in 2028.Photo by Saj Shafique on UnsplashGlobal rules for crypto tax reportingDesigned by the OECD, CARF establishes standardized rules for collecting and sharing tax-relevant information on crypto activity. UAE officials say the framework will provide greater certainty for industry participants while aligning the country with international tax transparency standards. As part of the rollout, the ministry is seeking input from across the market. Advisory firms, intermediaries, traders, custodians, exchanges, and other stakeholders are invited to weigh in on potential impacts and areas needing clarification. The consultation began on Sept. 15 and runs until Nov. 8, with the aim of shaping clear, effective rules that reflect expert insight and market realities. Solana treasury companyThe policy moves come amid brisk momentum in the UAE’s digital asset ecosystem. A recent announcement outlined the planned launch of Solmate, a Solana (SOL)-based digital asset treasury firm that will emerge from the rebranding of Nasdaq-listed, Ireland-based holding company Brera Holdings. The venture is supported through a $300 million private investment in public equity (PIPE) sponsored by UAE-based Pulsar Group. Brera, known for its multi-club football ownership strategy across three continents, will have that business carried forward under Solmate, which counts the Solana Foundation, RockawayX, and ARK Invest among its investors. Former Kraken chief legal officer (CLO) Marco Santori is also set to become CEO. Tokenization and real estateReal-world asset (RWA) tokenization is another area gaining traction in the UAE. Mavryk, a layer-1 network, has raised $10 million in a round led by financial derivatives provider MultiBank Group. The investment builds on a partnership targeting the tokenization of more than $10 billion in UAE real estate via MultiBank’s RWA platform. Fireblocks will provide multiparty computation wallets to secure tokenized assets on Mavryk’s network. Beyond tokenization, RAK Properties has signed a strategic deal with Hubpay to let foreign buyers acquire homes in the UAE, most notably in Ras Al Khaimah, the country’s sixth most populous city, using cryptocurrencies such as USDT, Bitcoin (BTC), and Ethereum (ETH). Taken together, the UAE’s alignment with CARF and the burst of private sector initiatives point to a market moving toward clearer rules and broader institutional participation, even as the details of implementation are refined through the current consultation. 

DigiFT, a Singapore-based regulated exchange for real-world assets (RWAs), has brought its latest product offering to the digital asset market by introducing its U.S. Treasury bill depository receipt (DR) tokens. These tokens offer investors fractional ownership in U.S. Treasury bills, providing an avenue to engage with the traditionally secure U.S. debt market without requiring significant upfront capital, as detailed in a press release issued by the company on Monday.Photo by Karolina Grabowska on PexelsDemocratizing market accessThe conventional route to investing in U.S. Treasury bills typically demands substantial financial resources. DigiFT's DR tokens aim to democratize access to this market by enabling investors to purchase fractional shares of these bills. Henry Zhang, the founder and CEO of DigiFT, highlighted the innovative nature of the DR structure, noting its capacity to address challenges within the current market and empower investors with direct ownership of assets and returns. Zhang emphasized the company's intent to expand the scope of traditional financial assets in the Web3 space, leveraging the DR model to enhance investor protection and transparency. The DigiFT U.S. Treasury Tokens (DRUST) represent the inaugural offering in a series under the DR structure. These DR tokens, a type of security token, offer fractional ownership of an underlying asset. In the case of DigiFT, these tokens are specifically backed by U.S. Treasury bills, providing investors with exposure to the secure US debt market. Each DRUST token is directly backed by AA+ rated, highly liquid and short-term U.S. Treasury Bills, offering stability and tailor-made solutions for stablecoin issuers and Web3 product developers seeking regulatory-compliant treasury and cash management options. Pursuing regulatory complianceIn its latest announcement DigiFT has outlined its intention to pursue regulatory compliance, a facet intended to instill confidence and assurance among investors. Having been established in 2021 and previously operating within the Monetary Authority of Singapore's (MAS) FinTech Regulatory Sandbox, DigiFT obtained a Capital Markets Services (CMS) license and was acknowledged as a Recognised Market Operator (RMO) in December 2023. By adhering to regulations, DigiFT aims to simplify the investment process and broaden accessibility for investors. DigiFT highlights that institutional and accredited investors can access DRUST tokens from authorized self-custodial wallets using fiat currency or stablecoins, providing flexibility and convenience. Growing popularityThe growing popularity of tokenized funds, particularly those tied to U.S. treasuries, is evident in recent reports. Moody’s revealed a surge in the value of tokenized funds, driven by the increasing tokenization of U.S. treasuries. Both public and private blockchains are witnessing the inclusion of various assets, reflecting a broader trend toward asset tokenization. Tokenized funds offer numerous benefits, including enhanced liquidity, accessibility, reduced costs, fractionalization, decreased reliance on intermediaries, shortened settlement times, automated processes through smart contracts and improved transparency. Last June, Hong Kong-based cryptocurrency firm Finblox provided details of a tokenized version of U.S. Treasury Bills it has been working on. In November, the Bureau of the Treasury in the Philippines announced the issuance of one-year tokenized bonds to the value of $179 million. Binance Research has identified real-world asset tokenization as a key theme in crypto for 2024, noting its potential to improve transparency and efficiency by bringing off-chain assets onto blockchain networks.

Singapore and the Philippines Lead Crypto Interest in Southeast AsiaSingapore and the Philippines have emerged as the frontrunners in Southeast Asia’s crypto landscape in 2023, capturing the majority of regional interest.Research carried out by Malaysian cryptocurrency data aggregator CoinGecko reveals that on a per capita basis, Singapore holds a 43.5% share of crypto interest, followed closely by the Philippines with 40.3%.Photo by Kenneth Koh on UnsplashRegional crypto hubSingapore has established itself as a crypto hub not only within Southeast Asia but also in the wider Asia region. It was previously ranked as the third most crypto-curious country globally and has consistently been one of the top Web3 gaming countries for three consecutive years.Other countries in Southeast Asia, including Malaysia, Thailand, Vietnam, and Indonesia, also contribute to the region’s crypto interest, although at more modest levels. Combined, these countries represent 14.7% of the per capita crypto interest in the region so far this year.GameFi driving interestIn the Philippines, crypto interest is primarily driven by GameFi, and the country has maintained its position as the leading Web3 gaming country from 2021 to 2023. The Philippines witnessed the Axie Infinity mania, with local gaming guilds and inspiring rags-to-riches success stories. Additionally, it was among the top countries embracing meme coins earlier this year, alongside Malaysia.Vietnam shares a strong interest in GameFi, placing it among the top Web3 gaming countries for three consecutive years. Thailand and Indonesia have witnessed substantial trading volumes on their crypto exchanges, with $37.94 billion and $23.97 billion respectively in 2022.Notably, Malaysia has a significant presence in the crypto industry, despite its relatively smaller impact. The country is home to two prominent crypto data tools, CoinGecko and Etherscan, which were founded by Malaysian teams and are headquartered in the country.In contrast, smaller Southeast Asian economies such as Cambodia, Myanmar, Brunei, Laos, and Timor-Leste have a combined share of only 1.5% of regional crypto interest per capita. While these markets remain largely untapped, their low adoption rates are unlikely to improve in the near term. Except for Brunei, which is a wealthy nation, the smaller Southeast Asian economies are categorized as lower-middle income countries.Regarding the specific cryptocurrencies drawing attention in Southeast Asia in 2023, Layer 1, GameFi, meme coins, and DeFi-related crypto have emerged as the most popular categories. The top-ranking cryptocurrencies within these narratives account for 22.2% each of the region’s interest so far this year.The Philippines, as the top Web3 gaming country, showcases three GameFi cryptocurrencies — Smooth Love Potion (SLP), Ronin (RON), and Wemix (WEMIX) — among its most popular choices. Malaysian investors also show interest in DeFi projects like Maple (MPL) and BoringDAO (BORING), in addition to Bitcoin.Singapore’s popular crypto choices include The Graph (GRT), Bitcoin (BTC), and Pepe (PEPE). Vietnam demonstrates ongoing interest in Aptos (APT) and privacy tool Bob (BOB), while Thailand focuses on Gala (GALA) and Canto (CANTO). Finally, Indonesia monitors Not Financial Advice (NFAI) and AirSwap (AST).Overall, Singapore and the Philippines lead the way in crypto interest within Southeast Asia, while other countries in the region also contribute to the evolving crypto landscape.