Global Shift Since January
When I first wrote about corporate treasurers deploying excess cash into crypto assets, the trend was still experimental. Fast forward nine months, and spot bitcoin ETFs have drawn record inflows in 2025, pushing digital assets further into the mainstream. Institutional investors now treat bitcoin as a serious asset class rather than a speculative gamble.
The CFO’s Balancing Act
At the corporate level, treasury management is still about balancing risk and return:
Liquidity buffer: safeguard minimum working capital for rainy days.
Shareholder returns: meet expectations through dividends or buybacks.
Strategic allocation: explore new avenues such as crypto for diversification.
CFOs should ask:
What percentage of cash reserves can be prudently allocated to high-volatility assets?
How do we report and disclose this to maintain transparency with investors?
Do our governance frameworks allow for such exposure, and how do we stress-test it?
ASEAN Perspective: Diverging Paths
Singapore: The MAS has rolled out a clear regulatory framework for tokenisation and stablecoins. Several funds now explore crypto-backed financing structures, reinforcing Singapore’s position as a hub.
Philippines: With rising retail adoption, regulators are tightening oversight. Corporate treasurers remain cautious, but fintech-driven payment rails using crypto are spreading.
Vietnam: Despite strong capital inflows from FDI, crypto remains more of a grassroots phenomenon. Authorities are moving slowly on regulation, leaving corporates in a wait-and-see mode.
Thailand’s ambition to become a regional “crypto hub” sits somewhere between these cases—aspirational, but still struggling to balance investor protection with innovation.
Strategic Takeaway for CFOs
The central question is no longer whether to consider crypto, but how.
Set prudent limits — e.g., no more than a fixed % of treasury reserves.
Embed governance — board approval, audit trail, disclosure.
Prepare contingency plans — crypto can rise fast, but it can fall just as sharply.
Handled with discipline, crypto can be less of a gamble and more of a structured diversification tool within ASEAN corporate finance.
I’d love to hear how this lands in your context—just reply with a line or two.
Dai Kadomae, CFA, CPA
GARYO FINANCE | LinkedIn