We talk to AMINA Bank in Hong Kong about its thoughts on where the digital assets market is heading in Asia and elsewhere.

These are busy times for AMINA Bank, a Switzerland-headquartered digital assets specialist firm that recently named a head of its Asia-Pacific business, Michael Benz. Founded in 2018 under the old SEBA Bank brand and renamed in 2023, AMINA also has bases in Abu Dhabi and Zug. 

WealthBriefingAsia talked in Hong Kong to senior figures at the bank about developments in the digital assets space. 

Hong Kong is seeking to push its credentials as a stand-out centre for digital assets/cryptocurrencies. The Hong Kong Monetary Authority has created a stablecoin licensing framework, which came into force from 1 August. The government in the city has a Digital Asset Policy 2.0 initiative. 

Given such propitious circumstances for growth, WBA asked Cora Ang, head of legal and compliance, APAC at  AMINA, about what areas are producing the most demand.

“We see particularly strong momentum in areas where regulation is catching up with innovation. Stablecoins are a clear focus, especially following Hong Kong’s recent moves in introducing a comprehensive framework for stablecoin issuers,” Ang said. “This is driving new entrants in payments, cross-border settlement, and tokenized deposits. In Singapore, the institutional digital asset space continues to mature, especially in tokenization of traditional assets and regulated crypto fund structures. Beyond that, infrastructure for digital asset custody and DATs [digital asset treasuries] are other segments where we expect to see concrete growth.”

There are challenges, however. A variety of regulatory regimes around the world create a need for specific expertise. 

“On the risk side, there are grey areas in certain markets and a patchwork of different regulatory regimes around the world. This raises questions of how rules should be interpreted,” Ang said. That said, variety is not necessarily a problem, as variety begets experimentation. 

“The diversity of regimes can be both a challenge and an opportunity, it creates complexity for global players but also allows jurisdictions to experiment and share insights that drive more consistent global standards over time,” she continued. 

There have been further developments for the firm. In late August, AMINA Bank said it was partnering with Nasdaq-listed Metalpha Technology Holding, an Asia-based wealth manager concentrating on digital assets.

Other markets
Outside Hong Kong and Singapore, where is the action heating up?

“Beyond Singapore and Hong Kong, we’re seeing strong momentum in the UAE, where Dubai and Abu Dhabi have introduced clear, purpose-built digital asset frameworks attracting global institutions,” Ang said. “[The] UK and EU are making steady progress with new rules on stablecoins and broader crypto activity. Japan is another example, refining its system to balance innovation with investor protection.”

The bank is passionate about spreading the word, Ang said. 

“AMINA actively engages in industry roundtables and working groups, contributing to consultation papers and broader policy discussions. We’re committed to advancing research and insights on the evolving digital asset landscape, including topics such as tokenization, custody solutions, and the bridging of DeFi (decentralised finance) with traditional finance,” she said.

In grasping regulatory differences, one contrast is that while Singapore tends to involve one regulator – the Monetary Authority of Singapore – Hong Kong is more complex. For example, the Hong Kong Monetary Authority gets involved in stablecoins and payments systems; the Securities and Futures Commission has tokenization and securities under its umbrella; Customs & Excise covers money service operators; Companies Registry handles money lenders' licences; and the Financial Services and Treasury Bureau handle overall policy decisions.

A significant issue, including for wealth managers and private banks, is obtaining custody and protection of assets right. 

“Many institutions prefer to partner with qualified, reputable custodians offering regulated and insured digital asset storage solutions,” Ang said. “Others explore hybrid models that allow clients some degree of self-custody within institutional frameworks. The key considerations remain security, operational resilience, and compliance. Most firms prioritise custodians who can satisfy both regulatory standards and client trust.

“Non-SFC regulated custodians are also exploring compliant ways to serve clients in Hong Kong under the evolving regulatory landscape,” she added.