Core Insights - The Monetary Authority of Singapore (MAS) is piloting a new type of government bond called tokenized MAS bill, which will be settled using a digital version of the Singaporean dollar known as a CBDC [1] - MAS Managing Director Chia Der Jiun stated that tokenization has matured enough for real-world applications, although it has not yet achieved mainstream adoption [2] - Tokenized assets can enhance financial transaction efficiency by eliminating intermediaries and optimizing collateral use, but significant structural and operational challenges remain [3] Regulatory Developments - MAS has finalized its framework for stablecoins, which will soon be legislated, focusing on stablecoins linked to single currencies like the Singaporean Dollar, US Dollar, or Euro [5] - Chia emphasized the importance of sound reserve backing and redemption reliability for stablecoins, warning of risks associated with unregulated stablecoins [6] - The MAS BLOOM initiative aims to foster innovation by encouraging trials with tokenized bank liabilities and regulated stablecoins [6] Future Outlook - The successful pilot of tokenized MAS bills is expected to facilitate broader adoption and diverse use cases, establishing a blueprint for next-generation financial market infrastructures [7]

格隆汇11月13日丨中国置业投资(00736.HK)公告，于2025年11月13日，公司及军源数字科技(深圳)有限 公司("军源数字")订立合作框架协议，内容有关共同推动真实世界资产("RWA")模式的创新应用。 根据框架协议，双方将合作利用香港的商业优势及区块链技术，为RWA产品建立全球资本化路径，以 确保交易安全、透明。这包括透过"中国移动链"接收数字资产包、透过稳定币结算系统协助法定货币及 数字货币兑换，以及在一级及二级市场进行RWA产品的结算。同时，军源数字将运用人工智能、区块 链安全及监管平台推动资产数字化，将实物资产转换为合规的真实数据资产及RWA产品，传输脱敏数 据，完成监管备案，并维护持续交付的优质资产的可持续管道。 根据框架协议，公司的主要职责是提供资源协助建立RWA产品的资本化路径。军源数字将引领资产数 字化，以确保为RDA及RWA产品的布局提供稳定供应。 ...

近期，美国司法部门对陈志提起刑事指控，太子集团进入多事之秋，在美国、英国、新加坡等地的诸多资产遭冻结。不过，这些资产的价值与此前被美国没 收的比特币相比显得微不足道，12.7万枚比特币的市值一度超过1000亿元人民币，按照现在75万元/枚的单价计算也高达950亿元。 比特币作为加密货币的典型代表，凭借去中心化特性、匿名交易机制和高强度加密算法，长期被视为难以追踪和截获的"数字黄金"，这也使其成为跨国犯罪 资金转移的首选载体。然而，陈志集团所持的巨额比特币资产最终仍落入美国司法部门之手，其过程既充满技术争议，又裹挟着复杂的政治博弈。 国家计算机病毒应急处理中心近期发布的《LuBian矿池遭黑客攻击被窃取巨额比特币事件技术溯源分析报告》，如同一把钥匙，揭开了这起看似普通盗窃案 背后隐藏的深层逻辑。 报告显示，美国对陈志集团资产的觊觎早有伏笔。2020年12月，陈志和太子集团存放比特币的LuBian矿池遭遇突发性网络攻击，攻击者通过技术漏洞在极短 时间内转移走12.7万枚比特币。 这种反常的"沉睡"状态与常规财产犯罪逻辑相悖。通常情况下，盗窃者会迅速拆分资产、通过混币平台洗白或兑换法定货币以实现收益最大化。而此处比 ...

Core Viewpoint - Yuen Energy Holdings (00442) shares surged by 50%, reaching a price of 1.26 HKD, with a trading volume of 7.1154 million HKD, following the announcement of a strategic acquisition [1] Group 1: Acquisition Details - Yuen Energy announced the acquisition of approximately 5.56% equity in the virtual asset trading platform (VATP) VAX from its controlling shareholder and chairman, Su Shuhui, for a total consideration of 100 million HKD [1] - The payment structure includes 24 million HKD in cash and the remaining 76 million HKD through the issuance of three-year zero-coupon convertible bonds, with a conversion price of 2.5 HKD, representing a premium of 190.7% over the closing price on November 12 [1] - The newly convertible shares will account for 14.97% of the enlarged share capital post-transaction [1] Group 2: Strategic Intent - The acquisition aims to explore the development and opportunities of asset tokenization using blockchain technology, particularly focusing on the potential tokenization of real-world assets (RWA) [1] - The types of assets considered for tokenization include, but are not limited to, physical gold, commodities, jewelry, and other precious metal products [1]

Core Viewpoint - Domain Holdings (00442) shares surged by 50%, reaching HKD 1.26, with a trading volume of HKD 7.1154 million, following the announcement of acquiring approximately 5.56% equity in the virtual asset trading platform (VATP) VAX from its controlling shareholder and chairman, Su Shuhui, for HKD 100 million [1][1][1] Group 1 - The acquisition includes a cash payment of HKD 24 million, with the remaining HKD 76 million to be paid through the issuance of three-year zero-coupon convertible bonds, with a conversion price of HKD 2.5, representing a premium of 190.7% over the closing price on November 12 [1][1][1] - The newly convertible shares will account for 14.97% of the enlarged share capital [1][1][1] Group 2 - The announcement indicates that the group aims to explore the development and opportunities of asset tokenization using blockchain technology, particularly focusing on the potential tokenization of real-world assets (RWA), including but not limited to physical gold, commodities, jewelry, and/or other precious metal products [1][1][1]

报道还提到，在吸引加密货币友好的政策背景下，数字资产在亚洲日益受到重视。 但另一方面，覆盖全球的证券监管机构国际证监会组织（IOSCO）发布报告警告称，与股票、债券等全球范围内的主 流金融资产挂钩的加密代币可能会给投资者们带来新的重大风险，并且全球金融行业在"代币化"的优劣问题上仍存在 巨大分歧。 彭博社发文称，香港特区政府计划发行以美元、港元、欧元和离岸人民币计价的数字绿色债券，这将是香港2023年以 来的第三款此类"原生数字"债券。数字债券使用区块链技术，增加灵活。 【环球网财经综合报道】香港特区政府日前宣布，在政府可持续债券计划下成功定价约100亿港元等值的数字绿色债 券，涵盖港元、人民币、美元及欧元，应用了代币化央行货币，为未来融入其他形式的数字货币奠定基础。 ...

Core Viewpoint - JPMorgan Chase has launched its USD deposit token, JPM Coin, for institutional clients, marking a significant step in the tokenization of traditional finance [1] Group 1: Company Developments - JPMorgan Chase's stock rose over 2%, reaching a historical high of $322.25 [1] - The launch of JPM Coin allows users to send and receive funds via the Base blockchain associated with Coinbase Global Inc., enabling real-time, 24/7 payment settlements [1] Group 2: Industry Implications - The introduction of JPM Coin signifies a critical advancement in the integration of blockchain technology within traditional financial systems [1]

Group 1 - The company has entered into a conditional agreement to acquire approximately 5.56% of VAX Limited's shares for a total consideration of HKD 100 million, with HKD 24 million to be paid in cash and the remaining HKD 76 million through the issuance of convertible bonds [1] - VAX Limited operates a virtual asset trading platform and is licensed under the Securities and Futures Ordinance to conduct regulated activities in Hong Kong [1] - The acquisition is seen as a valuable investment opportunity that will enhance the company's virtual asset strategy and provide a regulated trading platform for potential Real World Asset (RWA) tokenization [2] Group 2 - The company aims to explore the development and opportunities of asset tokenization using blockchain technology, particularly focusing on the potential tokenization of physical gold, commodities, jewelry, and other precious metal products [2] - The recent developments in virtual asset regulation in Hong Kong and globally are viewed as significant, indicating substantial potential for the growth of virtual assets [2] - The collaboration with VAX Limited is expected to create synergies with the company's existing jewelry product business and enhance its overall virtual asset strategy [2]

Group 1 - The company has entered into a conditional agreement to acquire approximately 5.56% of VAX Limited's issued share capital for a total consideration of HKD 100 million, with HKD 24 million to be paid in cash and the remaining HKD 76 million through the issuance of convertible bonds [1] - VAX Limited operates a virtual asset trading platform and is licensed under the Securities and Futures Ordinance to conduct regulated activities in Hong Kong, including securities trading and automated trading services [1] - The acquisition is seen as a valuable investment opportunity that will enhance the company's virtual asset strategy, particularly in the context of recent developments in virtual asset regulation in Hong Kong and globally [2] Group 2 - The company aims to explore the development and opportunities of asset tokenization using blockchain technology, particularly for real-world assets (RWA) such as physical gold, commodities, and other precious metals [2] - The acquisition of VAX Limited is expected to create synergies with the company's existing jewelry product business and provide a regulated trading platform for potential RWA issuance in the future [2]

Group 1 - Buffett announces retirement from public roles, stating he will no longer write the annual letter or attend shareholder meetings, marking the end of his role as a public commentator for Berkshire Hathaway [3] - Buffett endorses Greg Abel as the new CEO, describing him as an outstanding manager and communicator, and emphasizes his continued support as a significant shareholder during the transition [4] - Buffett accelerates charitable donations by converting Class A shares to Class B shares for four family foundations, clarifying that this does not reflect a negative outlook on Berkshire's future [5] Group 2 - Buffett acknowledges that the company's size has become a limiting factor for investment opportunities, but reassures shareholders that he remains optimistic about the company's prospects [5] - The contrast between Buffett's traditional value investment approach and the rising popularity of cryptocurrencies like Bitcoin and Ethereum is highlighted, with Bitcoin showing a cumulative increase of approximately 319% from 2015 to 2025 [7][8] - The emergence of stablecoins is changing the market dynamics, providing liquidity and facilitating decentralized finance, which indicates a shift in the perception of value and investment logic in the crypto space [8][10] Group 3 - The evolving financial landscape is characterized by a more diverse and dynamic definition of value, as traditional investment metrics are supplemented by new indicators such as network effects and community engagement in the crypto world [10][11]