Japan, India and Thailand are advancing blockchain-based financial initiatives as Asian markets move digital assets closer to mainstream capital markets. Japan is studying real-time settlement for stocks and bonds, India is preparing its first tokenized corporate bond, and Thailand is advancing rules for digital currency ETFs.
Japan Eyes Blockchain Settlement
Japan is considering blockchain infrastructure that could enable instant settlement of stock trades and government bonds.
According to reports, the Financial Services Agency, Ministry of Finance, Bank of Japan and financial institutions plan to establish a study group and could formulate a development roadmap by 2027.
Japanese stocks currently settle two days after a trade, while government bonds settle one day later. A blockchain-based system could link execution and cash settlement directly. If approved, operations could begin within a few years, with full implementation targeted for the early 2030s.
India Tests Tokenized Bonds
India is expected to launch its first tokenized corporate bond in September through government-owned financier REC.
According to sources, REC will issue less than Rs. 5 billion (USD 57 million) in bonds. Investors are expected to use India’s wholesale central bank digital currency, the digital rupee, to purchase the securities in India.
“The offering would be made available to only a select group of investors at the pilot stage,” one of the sources told Reuters.
Investors may require both a wholesale CBDC wallet and a new electronic securities wallet. Indian depositories are developing “DEMAT 2.0” to record bond holdings on distributed ledger technology.
“Subsequent trades can take place only between participants that hold both compatible CBDC and securities wallets,” one of the sources said.
Thailand Drafts Crypto ETF Rules
Thailand’s Securities and Exchange Commission (SEC) is seeking public feedback on draft rules for locally listed digital currency ETFs and foreign digital asset custodians.
The proposals cover ETF establishment, digital asset management delegation and custodian eligibility.
“In the initial phase, the custodian of digital assets must primarily be an onshore DA custodian. In the future, the SEC may permit the use of a foreign DA custodian that meets the prescribed qualifications if such use is considered necessary and appropriate in light of prevailing circumstances,” it said.
Also Read: Why RBI Prefers CBDC Over Stablecoins: India’s Digital Rupee
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