Bitget Launches $100M Crypto Ecosystem Fund

Japan’s cryptocurrency market has surged to become the fastest-growing in the Asia-Pacific region, driven by a government overhaul of its digital asset policies. On-chain transaction value jumped 120% in the year ending June 2025, according to a new report from Chainalysis. The expansion signals renewed activity in a market long characterized by its cautious approach. The Japanese government is increasingly open to crypto as a mainstream investment class through a series of reforms, including proposed friendlier tax laws and the licensing of regulated stablecoins, aiming to attract investment and foster a domestic Web3 industry.Photo by Daniel Hehn on UnsplashOverhauling a strict tax codeA central pillar of the reform is a proposed change to Japan’s tax code, which currently subjects crypto gains to rates of up to 55%, compared with a flat 20% on stock profits. The ruling Liberal Democratic Party is backing proposals to introduce the same 20% rate for crypto starting in fiscal 2026, along with rules that would allow investors to carry forward losses for up to three years. The measures, which require parliamentary approval, are intended to align digital assets more closely with traditional financial instruments. Uncertainty has emerged, however, with Prime Minister Shigeru Ishiba’s decision to resign. Ishiba has been supportive of the crypto industry, and the LDP’s leadership election on Oct. 4 could reshape the policy outlook. Sanae Takaichi is seen favoring tighter oversight, Shinjiro Koizumi more receptive to digital assets, and Finance Minister Katsunobu Kato stressing a balance between investor protection and innovation. Paving the way for a stablecoin eraThis political transition coincides with a shift in the Japanese market, which remains heavily concentrated in just a few assets. Over the past year, yen-denominated trading was dominated by XRP with $21.7 billion in volume, outpacing Bitcoin ($9.6 billion) and Ethereum ($4.0 billion). While political developments add unpredictability to the outlook, successful regulatory reforms could set the stage for positive change. One potential catalyst is the government’s recent licensing of the first issuer of a yen-backed stablecoin. Stablecoin issuer JPYC received Japan’s first funds transfer service provider license in August, with its launch anticipated in October. Broader access to stablecoins, digital tokens pegged to fiat currencies like the U.S. dollar or yen, is expected to provide Japanese traders and institutions with a more familiar tool for settlement. Major financial players are also moving in this direction. SBI Group, a leading financial conglomerate, recently deepened its partnership with Ripple to distribute RLUSD, an enterprise-grade U.S. dollar-backed stablecoin, in Japan. SBI plans to make the regulated stablecoin available by March 31, 2026. Corporate Japan bets on blockchainAt the same time, SBI Group also recently partnered with infrastructure provider Startale Group to build a blockchain-based trading platform for tokenized real-world (RWA) assets like stocks. The venture is a bet on the burgeoning tokenization market, which Ripple and Boston Consulting Group (BCG) project could reach nearly $19 trillion by 2033. Alongside moves by major financial groups, Japan is also nurturing its homegrown Web3 talent through the J-StarX Program, coordinated by JETRO Dubai and sponsored by the Ministry of Economy, Trade and Industry. This year, more than half a dozen Japanese startups, together raising over $17 million, were selected for the initiative, spanning blockchain infrastructure, AI-driven platforms, and advanced fintech solutions.  Since August, the cohort has been preparing for international exposure, with showcases scheduled at GITEX GLOBAL 2025 in Dubai and a visit to Abu Dhabi’s Hub71 in October. The initiative reflects Japan’s strategy of expanding overseas networks for its startups while positioning them to access the UAE’s growing Web3 and fintech markets. 

Phoenix Group adjusts public trading launch dateWhile experiencing a considerable over-subscription during its pre-market sale on Nov. 21, Dubai-headquartered crypto mining firm Phoenix Group has had to announce a slight delay to its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).Photo by David Rodrigo on UnsplashAccounting for the UAE holiday scheduleIn an announcement published on Tuesday, Phoenix Group revealed that it would list its shares on Dec. 5 instead of the initially planned Dec. 4. The adjustment is attributed to the public holidays declared for the United Arab Emirates (UAE) National Day, celebrated on Dec. 2. The day marks the formation of the UAE, and the Ministry of Human Resources and Emiratisation has designated Dec. 2, 3 and 4 as public holidays for the private sector.“To honor this occasion and ensure comprehensive participation in the IPO, Phoenix Group PLC has rescheduled its listing date to December 5th, 2023,” the announcement states.IPO oversubscriptionAs advised by the company earlier this month, Phoenix Group achieved a successful closure of its IPO on Nov. 18, experiencing an over-subscription of 33 times the available share offering. The offering of 907,323,529 shares witnessed overwhelming demand, with retail investors oversubscribing 180 times and professional investors contributing to a 22-fold over-subscription.Discussions regarding the IPO launch in the UAE have been underway since at least July of this year, although public knowledge of the company’s intentions only became known in recent weeks.Speaking about the objective of the recent public listing, the company’s co-founders, Bijan Alizadeh and Munaf Ali, wrote:“Our aim is to be able to help create a more resilient, inclusive and diversified global blockchain economy, and this IPO is just the first step towards achieving that goal.”725MW mining capacityThe UAE-based mining operator is in the process of developing one of the largest mining facilities in the Middle East. Founded in 2016, the firm now manages 725MW of mining capacity globally, with facilities in the U.S., Canada, Europe and the Middle East.In August, it emerged that Phoenix is a key stakeholder in the development of a $300 million 150MW mining farm project which will be located at the Green Data City in the Omani capital, Muscat.Abu Dhabi-based conglomerate International Holding Company (IHC) acquired a ten percent stake in Phoenix in October. Co-founder Bijan Alizadeh is also a co-founder of M2, an Abu Dhabi-based cryptocurrency exchange that recently received a Multilateral Trading Facility and custodian license from the Abu Dhabi Global Market (ADGM).IPO activityComing off the back of a bear market, IPO activity has been scarce within the crypto space recently. That said, it emerged recently that South Korean cryptocurrency exchange Bithumb is working towards an IPO which it hopes to complete in the second half of 2025. Meanwhile, Ripple Labs has delayed its IPO plans due to regulatory challenges the company is currently dealing with in the U.S. Earlier this month, it emerged that USDC stablecoin issuer, Circle, is looking to launch an IPO in 2024.As Phoenix Group readies itself for public trading, the adjusted launch date aligns with the company’s strategy to maximize participation and capitalize on the UAE’s crypto-friendly environment.

The European Council has banned all transactions within the European Union (EU) involving the Russian Ruble-backed stablecoin A7A5, according to a press release published Oct. 23. The prohibition targets the stablecoin itself, its developer, its Kyrgyzstan-based issuer, and the operator of a platform that facilitates major A7A5 trades. The package also takes aim at Russian crypto exchanges.Photo by Christian Lue on UnsplashAdditional banking restrictionsThis measure is part of a broader set of economic sanctions against sectors the EU stated assist the Russian invasion of Ukraine, including energy, finance, and defense industries. As part of this financial clampdown, the EU will also impose a ban on five additional Russian lenders starting Nov. 12. One of those lenders, Alfa-Bank, recently began offering Bitcoin buying and selling services, according to an X post by journalist Pete Rizzo. The European body said the new crypto measures address Russia’s increasing use of digital assets to circumvent existing sanctions. Russian banks were cut off from the SWIFT international payment system in early 2022, following the onset of the Russo-Ukrainian war. Reports of Russia using cryptocurrency to finance malign activities have surfaced previously. Earlier this month, Sławomir Cenckiewicz, the head of the Polish National Security Bureau (BBN), told the Financial Times that Russia has employed crypto to finance attacks on EU countries. Cenckiewicz said that a network of agents recruited by Russia’s GRU military intelligence agency and uncovered in Poland in 2023 had been substantially funded with cryptocurrency. Reflecting this concern, lawmakers in Poland’s lower house approved a bill in September to strengthen national crypto oversight, a move also expected to help curb Russian funding channels. Cenckiewicz noted that Polish intelligence agencies are closely monitoring the legislation to prevent loopholes that allow foreign actors to support agents using digital assets. Russia’s evolving crypto policyThe EU’s action comes as Russia itself is attempting to refine its own cryptocurrency rules. According to the Moscow Times, Russia's central bank wants to limit cryptocurrency use strictly to cross-border payments within an experimental legal regime (ELR). The institution continues to reject recognition of cryptocurrency as a legal means of payment and has advocated banning its use for domestic payments and retail investment, while permitting trading only for high-net-worth individuals through licensed platforms. Russia’s finance ministry has expressed a more flexible view, pointing to the scale of crypto adoption among the public. Earlier this year, the central bank estimated that domestic crypto transactions exceeded 1 trillion rubles (about $12.4 billion) per month, and that as of March, wallets linked to Russian users held roughly 827 billion rubles (about $10.2 billion). The finance ministry and the central bank have agreed to tighten supervision of the crypto market, with officials expecting to finalize the new framework before the end of the year.