Asia’s quiet tokenization revolution shows how the blockchain becomes ‘real’

Finance·BlockchainAsia’s quiet tokenization revolution shows how the blockchain becomes ‘real’By Clay ChandlerBy Clay ChandlerExecutive Editor, AsiaClay ChandlerExecutive Editor, AsiaClay Chandler is executive editor, Asia, at Fortune.SEE FULL BIO Financial innovators are trying to make blockchain work in the “real world” by tokenizing real-world assets artwork, real estate—and clean energy

Getty ImagesFor years, the crypto economy was a digital Wild West: volatile, speculative, and often untethered from the real world

Now, Asia is leading a reinvention—building a blockchain ecosystem that doesn’t just trade coins, but tokenizes roads, solar farms, and financial instruments

It’s a shift from roulette wheels to regulated rails, from speculation to scaffolding

The first uses of the blockchain were purely virtual: cryptocurrencies and NFTs that reflected digital assets with no real-world counterpart

Yet the next wave of financial innovators are trying to make blockchain work in the “real world” by tokenizing real-world assets artwork, real estate—and, if two small Asia-based financial startups have their way, clean energy

Un crypto giants such as Binance or Coinbase, Amber and Evolve are niche, but their focus on tokenizing real-world infrastructure is an example of how Asia is transforming the realm of digital finance

What connects both Amber and Evolve are tokens: the conversion of real-world assets into digital tokens onto a blockchain

In principle, this offers institutions a compelling alternative to legacy investment structures

Rather than have layers of financial intermediaries, investors have direct, auditable ownership through the blockchain

Users can then divide and trade these tokens however they wish, and set up smart contracts to automate yield distribution

These tokens represent tangible physical or financial assets—solar arrays, government bonds, EV fleets—bringing real yield, lower volatility, and legal transparency to crypto , Evolve’s tokens are linked to solar farms and battery networks, seamlessly bridging the gap between industrial infrastructure and digital finance

Amber Premium, led by CEO Wayne Huo—a former Morgan Stanley trader—recently merged with iClick, securing a Nasdaq listing and establishing itself as a fully regulated institutional crypto player

Amber’s regulatory framework spans multiple jurisdictions: Its Singapore arm (formerly Sparrow ) operates under the Monetary Authority of Singapore (MAS), while other subsidiaries hold licenses adapted to local Asian

The firm invests heavily in compliance infrastructure, aiming to meet the expectations of institutional clients and regulators a

Amber’s Nasdaq listing established the company as a U.S.-listed institutional gateway into “Web3”—shorthand for an internet built on decentralized blockchain nologies

Huo took over as CEO, giving the company a bridge to traditional finance

Amber Premium’s clientele is distinctly institutional

These clients span regional banks, family offices, hedge funds, and corporate treasuries across Asia, the Middle East, and North America

A significant of Amber’s clients are based in Greater China and are looking for exposure to digital assets amid uncertainty around mainland China’s treatment of cryptocurrency

Amber Premium has yet to turn a fit, instead prioritizing infrastructure, licensing, and regulatory compliance over short-term earnings

Evolve, founded by Maverick Hui, a pioneer of Canadian crypto ETFs and early digital asset regulation, is turning renewable energy infrastructure battery-swapping stations, solar farms, and EV-charging networks into digital tokens that der portional returns to investors

Several of its ETF offerings, including those tied to Bitcoin and Solana, have received apval from the Ontario Securities Commission

The company partners with U.S.-licensed custodians Coinbase Custody Trust for cross-border holdings

Hui, from Evolve, is focusing on yield-generating clean-energy assets, particularly through e-scooter and battery station manufacturer Mile Green

Chatchaval Jiaravanon, Fortune’s owner, is also an investor in Amber, Mile Green, and Evolve

Investors can now track performance through these tokens rather than company filings

Asia leads the way on crypto Asia is taking the lead in tokenized finance, thanks to er regulatory frameworks, innovation sandboxes, and startups that are eager to experiment

Even mainland China, which bans most cryptocurrency trading and mining, is experimenting with enterprise blockchain through its state-backed Blockchain-based Service Network (BSN) and central bank digital currency, the e-CNY

The financial hubs of Hong Kong and Singapore are among Asia’s most crypto-friendly jurisdictions

Yet regulators in both cities are still cautious cryptocurrency

Tokenized ducts still face strict limitations, retail access is tightly controlled, and apval cesses can be unpredictable

One major constraint is the difficulty of transferring tokenized assets between wallets

As a result, wallet-to-wallet transfers are often restricted or require complex apvals, limiting broader adoption

Changing winds in Washington are also buoying Asia-based crypto platforms

The second Trump administration is taking a decidedly more -crypto stance

President Donald Trump signed an executive order moting responsible blockchain growth

He paused enforcement actions against crypto exchanges Coinbase and Binance, and Trump’s SEC then launched a “Crypto 2.0” task force to clarify rules on crypto, moving away from the preceding Biden administration’s more skeptical stance

In March, the White House announced a Strategic Bitcoin Reserve and Digital Asset Stockpile, naming Bitcoin, Ethereum, Solana, XRP, and Cardano as national digital assets

The administration also backed the GENIUS Act, which clarifies rules for stablecoins

Together, these moves are ushering in what the crypto industry hopes will be a more friendly, legally stable foundation for growth

These shifts benefit both Amber and Evolve

Amber, as a Nasdaq-listed company, gains regulatory legitimacy and imved U.S. market access

Evolve’s yield-bearing, tokenized infrastructure may soon appeal to pension funds and fiduciary investors seeking new types of assets

As the U.S. softens its stance and Asia doubles down on digital finance, companies Amber Premium and Evolve are quietly building the financial plumbing for the next phase of blockchain adoption—and getting the real world on the blockchain

There’s still a long way to go

Liquidity remains thin, valuation remains depressed, and the sector remains vulnerable to global regulatory swings

Then there’s the ownership question: How do you ensure a digital token on the blockchain grants a and enforceable claim on the real-world asset in question? Tokenized finance may still be in its early innings—but the infrastructure is maturing

Asia didn’t invent blockchain

But it may be where blockchain becomes real

Correction, August 14, 2025: A previous version of this article misstated details Amber Premium, including its headquarters and its revenue.