Digital Asset Markets with Nicky Okoye
The tokenisation of real-world assets (RWA) and the rise of digital asset markets are not merely theoretical trends; they are a rapidly accelerating global movement. Sub-national governments worldwide are moving from exploration to implementation, recognising that blockchain technology offers a new paradigm for public finance, asset management, and economic development.
I will examine the global community across five continents, offering a comparative analysis of digital asset strategies, frameworks that support sub-national and municipal project development, and highlighting the key lessons from the world’s most active digital asset jurisdictions as they relate to sub-national project funding through digital asset market strategies.
Asia; Strategy and Scale
The Republic of Korea and the Busan Blockchain Cluster
South Korea has recently adopted a structured, fully state-funded approach to building a blockchain hub. As recently as mid-2026, South Korea’s Ministry of Science and ICT launched a specialised blockchain cluster development project in Busan. The project aims to transform Busan’s manufacturing-focused industrial ecosystem into a digital industry hub. This strategy targets convergence across port logistics, tourism, and healthcare, which are Busan’s major strengths. Then integrating these with blockchain projects. The Government set aside about KRW 7.82 billion (approximately USD 5.9 million) and received a 1:1 matching ratio from the Busan Metropolitan Government.
Key Strategies for Sub-Nationals in Africa: The Busan Blockchain Cluster is a model that aligns blockchain technology with existing industrial strengths. Busan is targeting sectors where Blockchain technology can deliver tangible benefits.
Selangor, Malaysia: The Token-X Accelerator
Malaysia’s Selangor state, through its state-owned digital corporation Sidec, has taken an active, market-facing approach. The project launched in 2026, which is very recent. Token-X is an accelerator programme specifically designed for digital asset and Web3 startups. It is focusing on high-impact areas, such as Real-World tokenisation of property, infrastructure, commodities, and carbon credits. It is also exploring digital securities and token offerings, as well as blockchain infrastructure. Token-X provides startups with mentorship, investment access, and regulatory support, a public-sector-led accelerator designed to move companies “beyond experimentation into real-world application”.
Vietnam, Da Nang as an International Financial Centre
Da Nang is positioning itself as a regional technology hub through a partnership with a global stablecoin issuer. In November 2025, the People’s Committee of Da Nang signed an MoU with Tether (USDT) to develop digital infrastructure and innovative governance. According to the review of the source documents, Tether will help shape Da Nang’s digital asset regulations, draft tokenisation frameworks, and establish regulatory sandboxes. The city aims for its digital economy to contribute 35–40% of GRDP by 2030 and, as such, has been designated, alongside Ho Chi Minh City, to establish an International Financial Centre starting in 2025. This case study shows a sub-national authority partnering with a global industry leader to co-develop the full regulatory and educational infrastructure for a digital asset hub, leveraging the partner’s global experience.
Hong Kong: Cyberport’s Subsidy Scheme
Hong Kong’s Cyberport, a government-owned digital technology hub, offers direct financial incentives. In June 2025, Cyberport launched the Blockchain & Digital Asset Pilot Subsidy Scheme. The Subsidy scheme provides funding of up to HK$500,000, approximately USD $64,000, for eligible pilot projects, covering up to 80% of project costs. Priority areas include RWA tokenisation, payment solutions, stablecoins, and Web3 security. This model shows how a sub-national government-owned entity can provide direct seed funding to reduce the risk of high-impact pilot projects, stimulate innovation, and build community. As a result, Cyberport currently hosts over 280 blockchain companies.
The Middle East: Regulatory Pioneers and Execution
Dubai, UAE’s Live Secondary Market for Tokenised Real Estate.
Dubai is arguably the most advanced jurisdiction globally for RWA tokenisation in real estate. The Dubai Land Department, in partnership with Ctrl Alt and Ripple, has implemented a multi-phase real estate tokenisation project. Phase Two, launched in February 2026, enables controlled secondary-market trading of tokenised properties on the XRP Ledger. The pilot initially tokenised 10 properties, representing over $5 million in real estate value, and generated approximately 7.8 million tokens now eligible for resale. The regulatory Framework included Ctrl Alt, the project partner, which is a licensed Virtual Asset Service Provider and the first firm to receive an Issuer licence from Dubai’s Virtual Assets Regulatory Authority (VARA). The firm reports having tokenised over $850 million in assets across real estate, private credit, funds, and commodities. Dubai offers the most advanced blueprint for sub-nationals and municipalities with significant real estate portfolios.
Key lessons for Africa: Successfully integrating blockchain with the official land registry, establishing a targeted regulatory authority (VARA), and then moving to secondary-market trading to create genuine liquidity.
Emerging and Frontier Markets: Africa and Ukraine
Democratic Republic of Congo: The AXIS Sovereign Tokenisation Programme
The DRC has launched a sovereign public-private partnership to tokenise natural resources. The AXIS programme, led by the DRC Social Fund in partnership with Phoenix Capital, is tokenising community resources, starting with artisanal gold, to finance local development. The programme introduces the Sovereign Gold Reserve Token (SGRT), a digital monetary instrument backed by gold reserves, classified as “work in progress” (WIP) under IFRS/IAS. The strategy positions it as overcollateralized, with a 4:1 ratio of underlying gold reserves. This was done to boost investor confidence and acceptability. This is very significant, as it is the first sovereign, state-backed tokenisation of a strategic natural resource in Africa, aimed at reducing smuggling. The DRC accounts for 60% of Sub-Saharan Africa’s $30 billion annual gold smuggling losses. This approach is expected to increase public revenue and directly benefit local communities.
Ukraine: Real-World Asset Tokenisation for Post-War Reconstruction
Ukrainian territorial communities are exploring tokenisation as a strategic response to resource constraints. Academic and policy research in Ukraine is actively developing models to implement RWA tokenisation as a mechanism for sustainable local financing, particularly in the context of post-war reconstruction. This demonstrates how a war crisis can drive innovation, with tokenisation seen not as a luxury but as a vital tool for mobilising private capital, reducing dependence on interbudgetary transfers, and increasing transparency in asset management.
Comparative Matrix of Sub-National Initiatives
| Jurisdiction | Initiative Type | Focus Areas | Key Partners | Maturity / Scale | |
| 1. | Zug, Switzerland | Crypto Valley Hub (Original Model) | General blockchain, ICOs, DeFi, RWA | Ethereum, FINMA, SEBA Bank | Mature; established ecosystem, 1,749 companies registered |
| 2. | Busan, South Korea | State-Funded Cluster | Logistics, Tourism, Healthcare | MSIT, KISA | Project launched in 2026; budget USD 5.9M |
| 3. | Selangor, Malaysia | Token-X Accelerator | RWA-T, Commodities, Digital Securities | Sidec | Programme launched in 2026 |
| 4. | Da Nang, Vietnam | MoU with Stablecoin Issuer | Digital Governance, RWA-T | Tether | MoU signed; strategic city target 35-40% digital economy by 2030 |
| 5. | Hong Kong | Pilot Subsidy Scheme | RWA, Stablecoins, Web3 | Cyberport | Scheme active; HK$500k per pilot; 280+ blockchain companies |
| 6. | Dubai, UAE | Real Estate Tokenisation | Real Estate | Dubai Land Dept., Ctrl Alt, Ripple | Phase 2 live; secondary trading; $5M+ initial properties |
| 7. | DRC | Sovereign Resource Tokenisation | Artisanal Gold, Carbon Credits | FSRDC, Phoenix Capital | Pilot project (WinstantGold) in progress; sovereign guarantee |
Digital Asset (Crypto) Hub executive summary
After a careful study of the experiences of these global jurisdictions, a sub-national or municipal authority in Nigeria or across Africa seeking to strategically position itself as a digital asset hub would have to consider the following foundational pillars:
1. Regulatory Clarity: As Zug and Dubai demonstrate, a clear, innovation-friendly regulatory framework is paramount. This includes providing legal clarity for tokenised assets (e.g., Switzerland’s 2021 DLT legislation). Nigeria’s ISA-2025 is a great start.
2. Strategic Public-Private Partnerships: Most successful initiatives involve partnerships with industry leaders (e.g., Da Nang with Tether, Georgia with Hedera, DRC with Phoenix Capital). These partnerships bring technical expertise, global networks, and credibility. Under my leadership, GIAC is seeking to structure similar partnerships in Africa, with announcements expected in 2027.
3. Align with Existing Economic Strengths: The most effective hubs do not operate in a vacuum. Busan targets logistics and tourism, while Dubai focuses on its massive real estate sector. Aligning blockchain with a region’s natural assets creates immediate use cases and stakeholder buy-in. This goes without saying, placing Nigeria in the lead in several industries.
4. Direct Financial and Infrastructure Support: Programmes like Hong Kong’s subsidy scheme or Busan’s matching funds reduce the financial risk for startups, accelerating ecosystem development. Africa may need a Blockchain and Digital Asset fund to drive the scale that is required.
5. Talent and Education: A skilled workforce is critical. Successful hubs like Zug have partnered with leading universities (ETH Zurich, Lucerne University) to create a positive educational feedback loop. GIAC’s strategic relationship with Nnamdi Azikiwe University and the Centre for Capital Markets Studies, with Nicky Okoye and the Vice Chancellor as Co-Chairs, is a strong foundation for this approach.
6. A Flagship Project: Zug’s success was catalysed by attracting Ethereum. A new hub would benefit from a high-profile anchor project that attracts attention and demonstrates the jurisdiction’s commitment. GIAC’s naming of its flagship RWA-T project, billed for May 2027, would redefine Nigeria and Africa’s digital asset ecosystem.
Global Investment Advisor’s opinion
The global landscape of sub-national digital asset initiatives is diverse and dynamic. From state-funded clusters in South Korea to regulatory sandboxes in Dubai and sovereign tokenisation in the DRC, a clear pattern emerges: sub-national and municipal governments that act decisively to build the infrastructure, regulatory frameworks, and partnerships for digital assets can unlock new sources of capital and position their regions at the forefront of the 21st-century economy. My examples in this thesis are not a one-size-fits-all formula, but adaptable strategies that must be customised to local environments. The Global Investment Advisory Community is equipped to first conduct the necessary assessment and then strategically assist sub-national and municipal authorities in designing and implementing the strategies that best fit their unique economic landscape and asset base.
Indeed……Great Things are Happening.
Nicky Okoye
Global Investment Advisor
Founder, Global Investment Advisory Community (GIAC)