Tokenisation was never meant to end with the token. We examine the shift from RWA issuance to collateral, repo and settlement — from MUFG's on-chain JGB repo pilot to ICMA's Digital Bonds Annex and HKMA's EnsembleTX — and sets out SCG's four-layer Institutional Usability Test for whether a tokenised asset can actually function as financial infrastructure.

Most gold-backed token issuers start in the wrong place — with the chain, not the structure. We examine why Hong Kong's Stablecoins Ordinance often doesn't apply to gold-referenced tokens, why "backed" is an operational claim rather than a marketing one, and the reserve, custody and redemption architecture that determines whether a gold-backed digital asset survives regulatory and market stress in Asia.

The Monetary Authority of Singapore has set a deadline of June 30, 2025, for digital token service providers (which includes individuals, partnerships or Singapore companies) (“DTSPs”) to cease offering “digital token services” outside of Singapore, unless they are licensed under the new guidelines. All individuals, partnerships, and Singapore corporations should assess their operations and discuss with the SCG Advisory team as to whether you fall under these new guidelines.

Token offerings are an increasingly popular way for blockchain-based projects to raise funds, attract investors, and build ecosystems and...