SCBX and Hashed Open Research's "Powering Southeast Asia's Digital Future" report reveals that regulatory frameworks and technology are no longer the primary constraint for digital asset adoption in Southeast Asia. The real bottleneck is commercial banks' reluctance to invest in tokenization infrastructure due to insufficient business case ROI. Real-world examples—including Singapore's tokenized bond fund and Hong Kong's VATP platform—show projects gaining regulatory approval quickly but stalling at bank adoption and distribution stages. Thailand is highlighted as a market of interest, with clear dual-regulator oversight (SEC and central bank) and live pilots like Programmable Payment Sandbox and TouristDigiPay beginning to address practical integration challenges.