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Dear industry partners and clients,
As we step into February, I’m filled with gratitude for the progress we’ve made together in the dynamic world of digital assets. January was a month of growth and collaboration, setting the tone for an exciting year ahead. From hosting thought-provoking discussions to expanding our platform’s capabilities, Rakkar continues to strengthen our commitment to driving innovation and building trust in the industry.
Market Review: January 2025
Within the United States, President Trump signed an executive order Thursday establishing a working group on digital assets led by David Sacks, the White House czar for artificial intelligence (AI) and cryptocurrency. In addition, the SEC also officially rescinded Staff Accounting Bulletin No 121, of which the rule requires companies to list digital assets on their balance sheets, increasing the expense for financial institutions to deal with cryptocurrencies.
Thailand is considering its first bitcoin exchange-traded funds (ETFs), reflecting the nation's push to establish itself as a digital assets hub. The Securities and Exchange Commission (SEC) is exploring ways to allow both individuals and institutions to invest in local bitcoin ETFs, a move that could open new investment avenues and expand the digital asset market in Thailand. Further demonstrating Thailand's forward-thinking approach, Phuket is exploring the creation of a crypto payments sandbox. This initiative aims to test and develop a legal framework for integrating cryptocurrency payments in the island's tourism and business sectors.
This shift comes amidst the growing competition in the Asia-Pacific region, with Singapore and Hong Kong already adopting supportive regulatory frameworks for digital assets. In the U.S., rising institutional inflows, including pension funds, are expected to drive the long-term recovery of the crypto market, reinforcing the increasing importance of regulatory clarity for broader adoption. As we continue to witness these positive changes, it’s clear that 2025 will be a pivotal year for digital assets, and global regulatory developments are contributing to this momentum.
February Highlights
Insti Dialogues: Evolution to Revolution in Digital Assets
In collaboration with Aspire, we launched our first event of the year under the Insti Dialogues series with an engaging debut seminar, Evolution to Revolution in Digital Assets. The event featured a dynamic panel discussion led by esteemed speakers:
- Lasanka Perera, Co-founder & CEO of Independent Reserve SG
- Kanny Lee, Co-Founder at SecondSwap & Partner at Libra Capital
- Thomas Kung, CISO & CRCO at Rakkar
Attendees were captivated by fresh insights into the ever-evolving digital asset landscape, all while networking over light bites and drinks. We extend our gratitude to our brilliant speakers and attendees for making this first edition a success. Join us for the next edition of Insti Dialogues: Navigating Crypto Compliance and Accounting
Discover the essential accounting and regulatory compliance requirements for digital assets institutions at the next edition of Insti Dialogues, co-hosted by Aspire and Rakkar. Join us on 26 February 2025, from 6–8 PM, for an insightful discussion led by industry experts:
- James Lee, APAC Legal Director at Sumsub
- Hagen Rooke, Partner at Gibson Dunn
- Alrick Oh, Director & Co-Founder at Berru
Gain clarity on navigating compliance and accounting challenges in the digital asset space. Limited seats available - secure your spot here: https://lu.ma/adja51ou. Thomas Kung Appointed Co-Chair of the
BAS Cybersecurity Subcommittee
We are thrilled to announce that Thomas Kung, Rakkar’s Chief Information Security Officer & Chief Risk and Compliance Officer, has been appointed as the inaugural Co-Chair of the Cybersecurity Subcommittee under the Blockchain Association Singapore (BAS). This milestone underscores Thomas’ exceptional leadership and Rakkar’s unwavering commitment to driving innovation, championing best practices, and fostering a safer, more transparent digital ecosystem as Asia’s leading digital asset custodian. Congratulations to Thomas on this well-deserved achievement!
Expanded digital asset custody support for 10 assets
Rakkar continues to enhance its platform with the addition of custody support for several tokens, including:
This expansion reflects our dedication to offering comprehensive support for the industry’s most innovative digital assets. To learn more about these tokens please read our January Release on New Token Support.
Looking ahead into February 2025
As always, thank you for your continued trust in Rakkar. Together, we’re building a future where digital assets are not just a possibility but a foundation for financial innovation. Here’s to another month of shared success and growth.
Warm regards,
Arthit Sriumporn
Founder and CEO of Rakkar
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