Crypto Titans Clash on Elon Musk’s X

Japanese regulators are scrambling to police a chaotic fringe of opportunistic crypto projects, even as the country’s traditional banking heavyweights and global exchanges race to establish themselves in a rapidly expanding digital asset market.Photo by Aditya Anjagi on UnsplashOn the regulatory front, authorities are considering a criminal investigation into “Sanae Token,” a token named after Prime Minister Sanae Takaichi, DL News reported. Issued in late February on the Solana blockchain, the token was created by NoBorder, a video production team and decentralized autonomous organization led by Japanese entrepreneur and YouTuber Yuji Mizoguchi. As of late January, NoBorder had not obtained a crypto exchange license and reportedly had not applied for one. Takaichi says govt never authorized tokenBefore reports of the investigation emerged, Takaichi said in a March 2 statement on X that she had no knowledge of the project and that the government had not authorized it. She added that the clarification was necessary to prevent the public from being misled. According to Phantom wallet data, the token has a total supply of 1 billion and is currently trading at $0.00415291, giving it a market capitalization of roughly $4.2 million. The Financial Services Agency (FSA) is conducting voluntary interviews with involved parties to establish the facts. As regulators move to curb opportunistic actors exploiting a nascent but expanding market, established global crypto firms are continuing to deepen their presence in the region. Crypto exchange Binance plans to secure five additional regulatory licenses in Asia this year, according to Nikkei Asia. The exchange currently holds licenses in Japan, Australia, India, Indonesia, New Zealand, and Thailand. It is also expected to gain a South Korean license through its planned acquisition of local exchange Gopax. Binance aims to expand its total number of licensed jurisdictions to more than 20 by securing further approvals across Asia. TradFi deepens crypto pushJapan’s traditional financial institutions are also accelerating their blockchain efforts. South Korean news outlet Newspim reported that Bank of Japan Governor Kazuo Ueda announced plans to technically verify a blockchain-based system that would digitize a portion of current account deposits for settlements. Made at FIN/SUM 2026, a major fintech event co-hosted by Nikkei and the FSA, the comments suggest the central bank is moving beyond merely studying a central bank digital currency and may begin experiments linking its funds directly to blockchain infrastructure. Further underscoring this institutional push, Cointelegraph reported that Mitsubishi UFJ Financial Group (MUFG), one of Japan’s three largest banks, will conduct a joint stablecoin pilot program alongside Mizuho Bank and Sumitomo Mitsui Banking Corporation. 

The Russian authorities are in the process of bringing in a national registry for crypto mining equipment, with registration to be a mandatory requirement for all operators. That’s according to a report published by Russia’s state-owned news agency, Tass, on Feb. 3. The registry is being established by the country’s Ministry of Energy, with Yevgeny Grabchak, deputy minister of energy, heading up the project.Photo by Egor Filin on UnsplashThe measure is being introduced as part of a raft of amendments to existing mining regulations. The objective is to improve oversight relative to crypto mining activity within the Russian Federation.  Unauthorized mining has been a concern for the Russian authorities for some time. According to the TASS report on this development, the registry would make mining without equipment registration “impossible.” Late last year, a Russian government commission moved to ban crypto mining in specific regions of the country. Management of the power grid was understood to be the main motivating force. Crypto mining activity had caused power shortages in some areas.  A seasonal ban was implemented, running from December to mid-March, with the measure to be repeated each year until 2031. In August of last year, Russian President Vladimir Putin had signed into law legislation that recognized the legitimacy of crypto mining in Russia.  Illegal mining, particularly within these restricted regions, continues to be a concern for the authorities, prompting this latest measure. Additionally, the authorities plan on establishing clear criteria in order to define crypto mining and deal with gaps in current legislation which may be enabling illegal and unregistered operators to carry out such mining activity. According to a report last month by local news media outlet Prime, Russia saw a surge in demand for Bitcoin mining equipment in Q4 2024. Crypto equipment demand increased threefold in comparison with the same quarter in 2023. Addressing the need for a crypto equipment registry, the Russian government stated: “It is important to adapt the law ‘On Mining’ to the current situation, in particular, based on practical experience, to formulate clearer criteria for classifying activities specifically as the production of digital currency.” While efforts are being made to get a firmer grasp on unauthorized mining in areas that are being impacted by power shortages, work is also being done to use crypto mining as a mechanism to fully exploit surplus energy.  Last month, it was revealed that Russian state-owned power company Rosseti is evaluating Bitcoin mining as a means through which surplus energy can be utilized in low-demand regions. In a separate development, the TASS news agency also reported on Feb. 3 that crypto miners are now in a position to report their earnings via online accounts with Russia’s Federal Taxation Service (FNS). The TASS report stated: “A new function has appeared in the personal accounts of taxpayers. With the help of the online service, users can now send information about receiving digital currency to the tax authority.” The feature appears once the registered user submits an electronic signature. 

Nassau and Treasure Labs Go Metaverse to Step into the Future of StyleKorean sports equipment manufacturer Nassau has entered into a partnership with metaverse company Treasure Labs to step into the future of style.According to a report by local news agency News1, this collaboration aims to introduce an innovative fashion brand on Pararium, the metaverse platform developed by Treasure Labs. Pararium users will have the opportunity to enjoy unique fashion items through their avatars while engaging in virtual experiences and earning rewards.Photo by Ben Hershey on UnsplashSports brandHaving built a reputable brand over the course of 50 years, Nassau is widely recognized in Korea for producing durable sports goods. By joining forces with Treasure Labs, Nassau aims to tap into the potential of Web3 content and services to enhance its global market presence.Metaverse platformTreasure Labs has been establishing a strong presence in the metaverse sector through collaborations with various entities such as blockchain platform Solana Labs, cryptocurrency exchange Crypto.com, and decentralized gaming platform The Sandbox. Notably, Treasure Labs is the first Korean company to secure investment from the Solana Foundation, the sister organization of Solana Labs.Both companies are enthusiastic about the prospects of this partnership. A representative from Treasure Labs emphasized that the collaboration will introduce a creative fashion brand that appeals to millennials and Generation Z, bridging the virtual and real worlds within the metaverse. The representative further mentioned plans to establish a dedicated brand hall within Pararium, where a series of events will showcase unique and trendy Web3 content. Echoing this sentiment, a Nassau official anticipates that the collaboration will give both firms a competitive edge in the global market.