Digital Assets Policy Roundtable
A Turning Point for Digital Asset Governance
11 November 2025 · Carlton Hotel, Singapore
Executive Summary
On the sidelines of the Singapore Fintech Festival 2025, Global Stratalogues convened regulators, policymakers, technologists, and market leaders to address one question: How can digital assets move from fragmented silos to an interoperable, supervised ecosystem?
Hosted By
Patrick Tan, General Counsel, ChainArgos
Venue
Carlton Hotel, Singapore
Format
5 Feature Sessions + 2 Closed-Door Roundtables
A Turning Point for Digital Asset Governance
Digital assets are entering structural consolidation. Tokenization is moving from theory to deployment. Cross-chain interoperability is shifting from engineering to policy agenda.
Questions around digital identity, DAOs, and AI-augmented compliance have evolved into matters of prudential oversight.
Feature Session 1
From 1MDB to Blockchain: What Has Changed?
Tom Wright — Co-Author, Billion Dollar Whale (NYT #1 Bestseller)
"Crypto has created a direct line between organized crime and vulnerable people – and there are bodies. People are dying."
1MDB vs. Crypto Crime: A Stark Contrast
1MDB Scandal
Billions siphoned from a government fund. Primary victim: a state treasury.
Today's Crypto Scams
Millions of individuals — students, retirees, migrant workers — losing everything. Victims trafficked and coerced in criminal "scam centers."
Wright estimates crypto fraud could reach $27 trillion by 2027 — "the size of the world's third-largest economy."
Regulatory Blind Spots
Exchange Gateways
Unregulated exchanges connect state-sanctioned actors, organized crime, and retail users in a single liquidity pool.
Jurisdictional Fragmentation
Criminal groups exploit weak enforcement across borders while victims span Europe, the Middle East, and Asia.
No Consumer Protection
Victims lack investor compensation schemes. Cross-border restitution remains underdeveloped.

"We cannot live in a world of pure crypto. It needs to be brought into the regular, regulated world." — Tom Wright
Wright's Regulatory Priorities
Exchanges must be treated as systemically important institutions — not startups — sitting at the chokepoints of illicit financial flows.
Feature Session 2
Designing a Digital Asset Framework Built to Last
Dr. Clara Guerra — Director, Office for Digital Innovation, Government of Liechtenstein
In 2019, Liechtenstein passed the world's first comprehensive digital asset law: the Token and Trusted Technology Service Provider Act (TVTG).
The Token Container Model
Liechtenstein's landmark innovation: a token is not the asset — it is a legal container representing the underlying right.
  • The law governs the right, regardless of platform
  • On-chain transfer = legal transfer
  • Existing law (securities, property, IP) applies seamlessly
"We did not regulate technology. We regulated rights." — Dr. Clara Guerra
Legal Clarity
Investors and institutions gain certainty
MiCA Compatible
Fully aligned with EU regulation
Tech Neutral
Works across any blockchain
MiCA, DAOs & Regulatory Philosophy
Why MiCA Matters
Despite having its own advanced law, Liechtenstein integrated with MiCA — unlocking access to 450+ million consumers and EU market consistency.
DAO Legal Form
Liechtenstein is exploring a native legal entity for DAOs: limited liability, on-chain governance requirements, and clear insolvency rules.
"We must build frameworks that last, not frameworks that chase hype." — Dr. Clara Guerra
Debunking the "Crypto = Crime" Narrative
1%
Blockchain Illicit Activity
Estimated share of blockchain transactions linked to crime
2%
Traditional Finance
Estimated illicit share of global traditional finance transactions

"Crime finds a way. Technology does not create crime — it evolves around it." — Dr. Clara Guerra
Feature Session 3
Interoperability, Standards & Global Governance
Sandra Ro — CEO, Global Blockchain Business Council (GBBC)
"If we cannot standardize what we mean by the basic language of blockchain, then interoperability is impossible – and scale cannot happen."
The Three Layers of Interoperability
Without all three layers working together, cross-chain liquidity, seamless settlement, and institutional adoption remain out of reach.
The Institutional Perspective
Banks, asset managers, and custodians are willing to engage — but require legal certainty, predictable supervision, and cross-jurisdictional compliance recognition.

"Interoperability is not a feature – it is an ecosystem-wide responsibility." — Sandra Ro, CEO, GBBC
Sandra Ro received a Lifetime Achievement Award from Global Stratalogues for her contributions to the digital asset ecosystem.
Feature Session 4
Market Integrity, DAOs & Regulatory Architecture
Professor Chris Brummer — Professor of Law, Georgetown University & Founder, BluPrYnt
Brummer's message: innovation does not eliminate the need for accountability, disclosure, or legal certainty — it intensifies it.
The Disclosure Problem & DAO Liability
Disclosure Must Evolve
Traditional disclosure asks: who is the issuer? In digital assets, there may be no issuer. Governance is distributed. Risk is embedded in code.
DAOs: The Liability Black Hole
Without a legal wrapper, a DAO is a partnership — with unlimited liability for every member.
"If everything is decentralized, then nothing is accountable." — Prof. Chris Brummer
Law Must Follow Function, Not Labels
A "utility token" that raises capital and generates profit expectations functions as a security. A "decentralized" DAO controlled by a few developers is functionally centralized.
Wyoming DAO LLC
Limited liability, on-chain governance recognized
Marshall Islands DAO Act
Full legal entity, token voting, global membership
Brummer's Proposal
Global baseline protections, legal personality, regtech integration
Feature Session 5
Tokenizing Media, Royalties & the Future of IP
David Stybr — President & CEO, BOXO Productions
The creative economy is one of the world's most valuable IP ecosystems — and one of the sectors most primed for tokenization.
Three Tokenization Breakthroughs for Media
Programmable Royalties
Automated splits and instant micro-settlements replace months-long backend payment delays.
Transparent Ownership
Investors and talent verify revenue inflows, geographic performance, and contractual splits on-chain.
Fractional Participation
Regulated, tiered access to film portfolios and IP assets — not retail speculation.
"Tokenized IP works only if it is built on the same foundations that make global film finance trustworthy — rights, contracts, and regulatory compliance." — David Stybr
Roundtable 1
From Fragmentation to Fungibility
Digital asset markets have grown rapidly, but remain deeply fragmented. Interoperability is not a convenience — it is a precondition for safe, scalable markets.
Cross-Chain Settlement
Near-atomic settlement — tightly coordinated but not instantaneous — seen as the realistic path forward.
Portable Digital Identity
Verifiable credentials and zero-knowledge attestations enable single verified identity across platforms.
Legal Harmonization
A baseline global taxonomy for tokenized rights is essential. Without legal certainty, interoperability is an illusion.
Roundtable 2
DAOs, AI & Compliance
Decentralized governance offers powerful coordination models — but presents regulators with formidable challenges. AI is reshaping identity verification, risk detection, and transaction monitoring.

Any DAO interacting with the real economy must have legal recognition — whether through DAO LLC wrappers, hybrid models, or new statutory structures.
AI Compliance: Opportunities & Guardrails
AI Automates
  • KYC/KYB and AML analysis
  • Transaction monitoring
  • Sanctions screening
  • Behavioral anomaly detection
Critical Guardrails
  • Human-in-the-loop supervision
  • Explainable AI (XAI) requirements
  • Bias mitigation and auditability
  • Zero-knowledge proofs for privacy
Four Emerging Themes
Infrastructure Before Innovation
Success depends on institutional and legal foundations, not technological novelty.
Pragmatic Regulatory Leadership
Agility and legal clarity — not market size — define leadership in digital finance.
Technology Convergence
AI and blockchain together deliver trust and intelligence to solve real-world inefficiencies.
Inclusion as a Value Driver
Tokenization must unlock capital for underserved markets and expand financial access globally.
Conclusions & Strategic Recommendations
01
Legal Enforceability is Foundational
Tokens must represent enforceable rights — or markets cannot scale.
02
Global Interoperability Requires Aligned Standards
Technical, legal, and governance layers must work together.
03
Accountability is Non-Negotiable
In exchanges, DAOs, or AI systems — responsibility must be clear.
04
Compliance Must Be Technology-Enhanced
AI should improve integrity — not become an excuse for opacity.
05
Innovation Must Advance Inclusion
Access and safety must progress in tandem.
Closing Remarks
The Digital Assets Roundtable Singapore marked an important moment in the evolution of the global digital asset landscape. The next phase of adoption will be defined by governance, legal certainty, and institutional credibility.
"Digital assets are entering a new chapter — one that prioritizes stability, trust, and institutional legitimacy."
Oscar Wendel — Founder & Chairman, Global Stratalogues

Global Stratalogues extends sincere thanks to the Global Blockchain Business Council (GBBC), all sponsors, and Patrick Tan of ChainArgos for their instrumental contributions.
The information contained herein is for informational purposes only and not intended to be relied upon. No representation or warranty is given as to accuracy or completeness. Views expressed are those of individual participants and do not necessarily reflect those of the Organizers.