The Monetary Authority of Singapore (MAS) has announced a major initiative to drive asset tokenisation to a commercial scale. At the MAS Layer One Summit, Deputy Managing Director Leong Sing Chiong highlighted recent achievements in tokenisation trials under Project Guardian, where over 40 financial institutions across seven jurisdictions tested tokenisation in foreign exchange and funds. However, he noted that while promising, these trials have yet to reach industry-wide adoption due to limitations in infrastructure and liquidity.
To address these challenges, MAS introduced new frameworks and plans, including the Global Layer One initiative, which is set to expand next year with the support of major financial players such as Euroclear and HSBC. The MAS also released two guidance frameworks: the Guardian Fixed Income Framework for debt markets and the Guardian Funds Framework for fund tokenisation. Both are designed to standardise processes and encourage best practices in tokenisation.
MAS’s efforts also include launching the SGD Testnet, a tokenised payments and securities settlements platform that will feature a Singapore dollar wholesale CBDC. Building on the work of Project Orchid, the testnet will support purpose-bound money, aiming to enable programmable financial transactions. As tokenisation develops, Singapore is positioning itself as a leader in digital asset integration.
Deutsche Telekom’s subsidiary, MMS, and Bankhaus Metzler have launched a pilot project to harness surplus renewable energy for Bitcoin mining, aiming to gather data that could help stabilise Germany’s energy grid. Using power generated from renewable sources that would otherwise go unused, the initiative is intended to address the frequent energy surpluses created when supply outpaces grid demand.
Located at Riva GmbH Engineering in Backnang, the project is supported by photovoltaic systems and managed by Metis Solutions. MMS will oversee the mining operations, while Bankhaus Metzler will explore potential financial applications for cryptocurrencies with this sustainable energy use.
Deutsche Telekom’s team views Bitcoin mining as a flexible solution to balance energy grids, with the potential to respond to fluctuating renewable energy production. As Hendrik König from Bankhaus Metzler highlighted, the project aims to expand Germany’s use of blockchain technology, which is becoming increasingly significant in various sectors beyond finance.
The United States Supreme Court will soon consider whether Meta’s Facebook and Nvidia can avoid federal securities fraud lawsuits in two separate cases that may limit investors’ ability to sue corporations. The tech giants are challenging lawsuits following decisions from the Ninth Circuit Court of Appeals, which allowed class actions accusing them of misleading investors to move forward. The cases will examine the power of private plaintiffs to enforce securities laws amid recent rulings that have weakened federal regulatory authority.
The Facebook case involves allegations from a group of investors, led by Amalgamated Bank, who claim the social media giant misled shareholders about a 2015 data breach linked to Cambridge Analytica, which impacted over 30 million users. Facebook argues that its disclosures on potential risks were adequate and forward-looking. Nvidia’s case, brought by Swedish investment firm E. Ohman JFonder AB, alleges that the company understated the role of crypto-related sales in its revenue growth in 2017 and 2018, misinforming investors about the volatility in its business.
Observers say these cases could further empower businesses by limiting legal risks from private litigation, especially as the US Securities and Exchange Commission (SEC) faces resource limitations. With recent Supreme Court rulings constraining regulatory bodies, private securities lawsuits may become an increasingly critical tool for investors. David Shargel, a legal expert, notes that as agencies’ enforcement powers weaken, the role of private litigation to hold companies accountable may expand.
Microsoft is under scrutiny from shareholders regarding a potential investment in Bitcoin as they prepare for a crucial vote in December. The proposal, spearheaded by the National Center for Public Policy Research (NCPPR), suggests that the tech giant conduct an assessment of investing in the cryptocurrency. Ethan Peck, deputy director of the NCPPR’s Free Enterprise Project, warned that if Microsoft chooses not to invest and Bitcoin’s value rises, it could face legal repercussions from disgruntled shareholders.
Despite the board’s recommendation to reject the proposal, citing existing evaluations of various assets, Peck noted that the discussion initiated by the proposal is significant. He believes it may pave the way for a stronger resubmission in 2025, irrespective of the current vote’s outcome. The NCPPR highlighted the successful investment strategy of MicroStrategy in Bitcoin, pointing out that it has significantly outperformed Microsoft this year.
As Bitcoin trades at approximately $67,035, down from near its all-time high of $73,562, the growing institutional interest in cryptocurrencies, particularly through spot Bitcoin exchange-traded funds, underscores the urgency for companies like Microsoft to reconsider their stance on digital assets.
In a pioneering move, British pension specialist Cartwright has helped a UK pension fund allocate 3% of its £50 million assets into Bitcoin, marking the first such investment in the country. The decision follows thorough consultations on environmental, social, and governance (ESG) factors, security, and the investment potential of Bitcoin, according to Cartwright’s head of digital assets, Glenn Cameron.
Unlike similar investments where funds have opted for Bitcoin-linked ETFs, this UK pension fund has chosen to hold the asset directly, with private key security spread across five independent institutions. This allocation stands out for its size, as it represents a much larger percentage of assets than recent Bitcoin investments by pension funds abroad, such as the State of Wisconsin’s 0.1% allocation.
Cartwright has also announced a new Bitcoin Employee Benefits scheme, allowing interested employers to pay staff in Bitcoin. With five companies already considering the scheme, Cartwright is positioning itself at the forefront of integrating Bitcoin into UK pension and employment benefits, reflecting its commitment to a forward-thinking approach to digital assets.
The State Bank of Pakistan (SBP) has proposed a significant framework to recognise digital assets, including cryptocurrency, as legal currency in Pakistan. If approved, the plan would allow the SBP to issue its digital currency, potentially paving the way for a central bank digital currency (CBDC) within the country. This shift would mark a major departure from the SBP’s previous cautionary stance on virtual currencies.
In a proposed amendment to the State Bank of Pakistan Act, digital currencies such as Bitcoin could gain legal tender status, meaning they would be accepted for payment of goods, services, and debts. The framework also suggests measures to penalise any unauthorised issuers of digital currency, granting the SBP comprehensive authority over both physical and digital currency management.
The proposal further includes a provision allowing dual nationals to serve in senior roles within the central bank, a reversal of past restrictions. This move reflects the government’s broader economic strategy, which aims to modernise Pakistan’s financial system and boost GDP growth in line with global digital finance trends.
Craig Wright, the Australian computer scientist who claims to be Bitcoin’s creator, now faces potential contempt of court charges in the UK. Wright recently filed a $1.2B lawsuit against Block, a payments firm founded by Jack Dorsey, despite an injunction barring him from bringing new claims based on his disputed identity as “Satoshi Nakamoto.” A UK court previously found “overwhelming evidence” against Wright’s authorship of Bitcoin’s founding document and accused him of fabricating evidence on a “grand scale.”
Wright was previously referred to UK prosecutors for potential perjury, following a court decision to block him from further lawsuits tied to his claim of creating Bitcoin. Jonathan Hough, a lawyer for the Crypto Open Patent Alliance (COPA), argued that Wright’s lawsuit against Block violates the court’s injunction. Wright, appearing by videolink, denied being in contempt but stated he would amend his lawsuit if necessary.
The court will hold a hearing in December to determine if Wright is indeed in contempt. In the meantime, his $1.2B lawsuit against Block has been temporarily halted pending further legal review.
World Liberty Financial, a decentralized finance (DeFi) crypto project associated with former President Donald Trump and his sons, plans to limit its token sales to $30 million within the United States. According to a recent filing with the US regulators, the company, based in Delaware but operated from Puerto Rico, has approximately $288.5 million worth of tokens available, meaning around 90% of the sales will occur offshore. So far, fewer than 350 investors in the US have purchased these tokens.
To navigate regulatory challenges from the US Securities and Exchange Commission (SEC), which aims to classify tokens as securities, World Liberty is leveraging an exemption known as Regulation D. This allows the company to raise unlimited funds from wealthy individuals and institutions meeting certain criteria, such as having a net worth exceeding $1 million. Since mid-October, World Liberty has reportedly raised $2.7 million from 348 investors through this mechanism.
While Trump and his sons are mentioned in the company’s filings, the document clarifies that their names are included for informational purposes and do not indicate official endorsement of the offering. The project promotes itself as part of a broader initiative to democratise access to financial services. Looking ahead, any potential sales to non-US investors will be conducted under Regulation S, which imposes fewer requirements but is limited to foreign investors only.
US cryptocurrency exchange Kraken has launched a new set of derivatives products designed for Australian wholesale clients, aiming to meet strict regulatory standards. The suite allows institutional investors to engage in cryptocurrency trading through futures derivatives, exposing them to price movements without holding actual assets. Multi-collateral support—accepting fiat, stablecoins, and cryptocurrencies—enhances Kraken’s custody security, with more than 200 assets available for trading.
The release follows a recent Australian Federal Court ruling that questioned Kraken’s fiat margin trading service. Kraken expressed concerns over the regulatory ambiguity in Australia, urging for clearer, bespoke cryptocurrency regulations to provide stability for both businesses and investors. Jonathon Miller, Kraken’s General Manager for Australia, noted that this new product will enable clients to execute complex trading strategies, supported by Kraken’s robust security standards.
Qualified investors are invited to explore the new offerings via Kraken’s platform, with eligibility criteria including a net worth above AUD $2.5 million and annual earnings exceeding AUD $250,000. Despite regulatory challenges, Kraken’s expansion signals its dedication to supporting Australia’s growing cryptocurrency sector, where ownership rates now exceed the global average.
Abu Dhabi firms Realize and Neovision Wealth Management have announced the launch of the Realize T-BILLS Fund, a new investment vehicle focused on U.S. Treasury ETFs. The fund will purchase units from popular ETFs, such as BlackRock’s iShares and State Street’s SPDR, and tokenise them, converting them into blockchain-based digital tokens that can be traded and transferred. Dominik Schiener, co-founder of Realize, noted that the fund aims to grow to $200 million in assets.
The T-BILLS Fund will issue a digital token, $RBILL, representing fund units, and operate on both the IOTA and Ethereum blockchain networks. Realize will handle the tokenisation process, while Neovision Wealth Management will oversee fund operations. This fund is also the first of its kind to be based out of the Abu Dhabi Global Market, a move that highlights the growing trend of combining traditional assets with blockchain technology.
Tokenised US Treasuries have become a growing niche in the digital asset market, valued at $2.4B, and attracting both blockchain-native firms and established finance giants. With US Treasury bills seen as a secure and liquid asset class, these new tokens offer investors an easier way to trade and hold government-backed securities in a blockchain format, making them accessible to a wider audience in the digital economy.
