Wealth managers are increasingly focused on how to incorporate digital assets into portfolios as these assets transition from speculative investments to more established components. Ronald Poon, Executive Director for Asia Pacific and Responsible Officer Hong Kong at AMINA, noted that client interest is growing, emphasising the importance of having appropriate risk controls, compliance frameworks, and operational processes in place. At the Hubbis Investment Forum in Hong Kong, Poon participated in a panel discussion with institutional investors and advisers on topics including tokenisation, regulated custody, and the integration of crypto as a mainstream asset class. There was consensus that developing the necessary infrastructure requires time, and those who begin now may already be at a disadvantage.
For Poon, the digital asset conversation has undergone a marked shift. “When AMINA Group launched six or seven years ago, crypto was viewed as purely speculative,” he noted. “Now, we’re seeing demand across the spectrum, from UHNW clients to multi-family offices (MFOs).”
That shift has been accelerated by the development of regulated infrastructure. As banks expand into institutional-grade crypto services, greater emphasis has been placed on securing appropriate licensing and building operational frameworks that meet regulatory and compliance requirements. “Building an infrastructure designed to meet applicable regulatory and compliance requirements doesn’t happen overnight – it takes deep expertise and sustained effort,” Poon said. “Now that traditional banks are entering the space, they are realising that success goes well beyond hiring a few technologists. You need robust risk controls, Anti-Money Laundering (AML) protocols, operational expertise, and a long-term commitment to delivering compliant crypto services to clients – which is why many institutions are seeking institutional-grade, licensed partners to facilitate this.”
He cited AMINA’s segregation of client wallets, even on the same chain, as a point of differentiation. “Many large exchanges still co-mingle client assets. We don’t. That level of separation is a fundamental part of our infrastructure.”
The Custody Conversation
At the heart of the shift is trust. Clients, particularly family offices, want the upside of digital assets without the reputational or operational risk.
“Segregated custody and regulatory clarity have become non-negotiables,” Poon said. “Our role is to provide an institutional-grade experience to clients who want crypto exposure without compromising on governance, backed by deep domain knowledge and on-the-ground local support.”
From Poon’s perspective, being a SFC-regulated provider is not about opportunism; it is about preparedness. “We serve as the bridge between the crypto world and traditional finance,” he noted. “If you cannot operate credibly on both sides, you will not last.”
MFOs and the Missed Opportunity
Asked directly how he would pitch AMINA to an MFO, Poon’s response was straightfoward. “If you are not looking into this asset class, you are going to miss it. The price action alone tells the story. From 2018 to now, the growth has been exponential.”
But it is not just the price that matters. “Diversification is key,” he continued. “With commercial real estate weakening, and traditional markets becoming more volatile, digital assets provide a new risk-reward proposition. Ignoring them is no longer prudent, it’s a liability.”
He added that MFOs have an edge over private banks. “We see MFOs as more agile. They are often the early adopters because they can move faster, without the legacy systems and risk committees that slow down bigger institutions.”
The Role of Tokenisation
While speculative trading still grabs headlines, the panel delved deeper into tokenisation. A term often misunderstood, but increasingly central to how assets will be bought, sold, and custodied in future.
In plain terms, tokenisation is the process of creating a digital representation of real-world assets, such as gold, private equity, or real estate, that can be traded or fractionalised on a blockchain.
“For example,” explained one panelist, “a USD100 million commercial building can be broken into 10,000 tokens of USD10,000 each. That increases access, enables liquidity, and supports secondary markets.”
Poon emphasised tokenisation’s role in transforming capital markets infrastructure. “This is not about gimmicks,” he said. “It’s about how we settle, how we report, how we collateralise. Tokenised funds could do to mutual funds what Exchange-Traded Funds (ETFs) did a decade ago.”
The Regulatory Race
Not all jurisdictions are moving at the same pace, and participants highlighted the nuanced differences across Asia and the Middle East.
“Hong Kong has a clear framework, especially around stablecoins and ETFs,” one noted. “It’s slower, but higher quality.” Singapore was praised for its innovation-led stance, though several agreed that it remained cautious on licensing. Dubai, meanwhile, was described as “thriving,” with a broader range of participants, from sovereign funds to crypto-native firms, already active.
For Poon, having early-mover licenses in both Europe and Asia was a key strategic bet. “When others catch up, they will face double or triple the effort we’ve already put in. Licensing is not just paperwork, its infrastructure, people, and systems.”
From Wealth Transfer to Wallet Transfer
As the conversation turned to generational dynamics, Poon pointed to a shift that is already reshaping client expectations.
“We are seeing a generation shift in family offices,” he said. “The next generation is digitally native, and they do not see crypto as fringe, they see is as foundational.”
Indeed, recent surveys cited during the discussion showed that over 40 percent of investors in Hong Kong already had some exposure to digital assets, with uptake significantly higher among younger demographics.
That generational shift is not just about asset allocation; it’s also about mindset. “The next wave of wealth owners is far more comfortable with decentralised finance, instant settlement, and self-custody,” Poon said. “Wealth managers need to evolve to meet those expectations.”
Strategic Priorities for the Next Cycle
Looking ahead, Poon believes the future of wealth management lies in convergence. “Traditional and digital assets will coexist,” he said. “But managing both requires fluency, not just formal structures.”
He outlined several areas AMINA is focused on, including trading, crypto-backed lending, segregated custody, regulated token issuance, and on-chain compliance. “We are not just a trading venue,” he stressed. “We are a full-service platform.”
That breadth, he argues, is what will differentiate winners in the next phase of the digital wealth evolution. “If all you offer is ETF access, you will lose clients to firms that offer custody, lending, tokenisation, and DeFi integration.”
Lessons from the Last Cycle
Asked to reflect on the biggest lesson learned from the past decade, Poon’s response was measured: “Stay diversified. Avoid leverage. Choose trusted partners.”
It is a message born of volatility. As crypto cycles mature and liquidity ebbs and flows, the institutions that survive will be those with real infrastructure and regulatory credibility, not just brand recognition or tech hype.
Poon concluded with a practical consideration for wealth managers still sitting on the sidelines: “Your clients are already investing. If you are not helping them, someone else is.”
