Introduction
The secured loan market in Singapore was worth roughly US$420
billion in 2017 – with loans primarily backed by traditional
assets such as property, inventory, or gold. In 2018, however, the
global cryptographic token market peaked at a total market
capitalization of US$832 billion on 7 January 2018, and is
presently hovering at around US$236 billion. Meanwhile, JP Morgan
published a 70-page "Bitcoin bible" asserting that
"cryptocurrencies are here to stay" on 8 February 2018.
Even the Monetary Authority of Singapore (the MAS) is exploring the
implications of "tokenizing" the SGD using distributed
ledger technology.
As a result, both lenders and cryptographic token holders may
want to explore ways to make better use of such coins or tokens
(generally referred to as "tokens" in this article) to
achieve their business objectives. Given that security can be taken
over almost anything that is deemed sufficiently valuable –
where then, does Bitcoin (or any
