Custodians, Regulators Lead Tokenisation Adoption

The crypto landscape is shifting from speculation toward mainstream use as regulators and institutions focus on tokenisation, custody infrastructure, and real-world utility. Pakistan’s July 2025 Virtual Assets Ordinance created a Pakistan Virtual Assets Regulatory Authority (PVARA), prompting debate about whether a separate regulator was needed versus leveraging SBP and SECP expertise and aligning with global principles. Bank Negara Malaysia has launched a discussion paper seeking collaborative feedback to shape a safe, sustainable roadmap for asset tokenisation. Institutional infrastructure is advancing: BitGo added custody support for Canton Coin to give U.S. institutions compliant access to tokenised real-world assets, and a Broadridge survey shows custody banks are leading tokenisation adoption. Industry observers note muted retail chatter and a recent Bitcoin pullback may reflect maturation and growing institutional interest, though others warn volatility persists. Meanwhile retail crypto payments are quietly expanding into areas like home goods as merchants integrate gateways such as BitPay, Coinbase Commerce, and PayPal Crypto.