Bullish Emerges as a Bidder for Bankrupt FTX Exchange

Startale Group, a Japan-based Web3 solutions provider, has secured an additional $13 million investment from the Sony Innovation Fund, which is financed by Sony Group and focuses on backing venture companies. In a press release, Startale said the new funding would deepen its ongoing collaboration with Sony, with a focus on Soneium—an Ethereum layer-2 blockchain built using Optimism’s Superchain technology. Soneium is positioned as the flagship project of Sony Block Solutions Labs, a joint venture between Startale and Sony Group.Photo by Nikita Kostrykin on UnsplashSince launching in January 2025, Soneium has gained traction in the Web3 sector, according to figures cited by the company. Startale said the network has processed more than 500 million transactions over the past year, supports 5.4 million active wallets, and hosts over 250 decentralized applications.  The collaboration is intended to explore how blockchain technology could be applied to intellectual property management, creator monetization, and fan engagement, areas where Sony has an established global presence. Startale launches stablecoin on SoneiumThe ecosystem expanded further this month with the integration of Startale USD (USDSC), a stablecoin built on infrastructure provider M0 and backed by short-term U.S. Treasuries, according to Startale. The token is now live on Soneium, whose ecosystem includes partners such as Aave, Uniswap, and Chainlink.  Users can purchase USDSC through the Startale App, the company said, and use it for in-app trading, yield generation through deposits, and liquidity provision in the Startale USD pool on Uniswap in exchange for STAR Points. Startale’s push comes as more established Japanese companies explore blockchain-based initiatives at home and abroad. Matsumoto, a Fukuoka-headquartered printing company founded in 1932, has outlined a long-term concept to create a digital asset treasury for students, under which student activities would be recorded on the Solana blockchain. The company has said the records would not be used for ranking or evaluation, but instead to encourage learning and support future career opportunities. The company has also described a broader ecosystem in which business profits could be returned to children and their families through a portfolio of cryptocurrencies, positioning the concept as both an educational incentive and a potential source of financial support. Nomura’s crypto arm seeks U.S. bank charterJapanese firms are also seeking to expand their crypto operations overseas. Laser Digital, the crypto arm of Nomura, has applied to the U.S. Office of the Comptroller of the Currency for a national trust bank charter, according to The Block.  If approved, the charter would allow the firm to operate nationwide without obtaining custody licenses on a state-by-state basis, though it would not permit the acceptance of retail deposits. The company is also expected to offer spot crypto trading. Approval would place Nomura alongside firms such as Circle, Ripple, and BitGo, which have received conditional approval from the OCC to operate as federally regulated trust banks, subject to final requirements. 

In a move to enhance the oversight of cross-border wire transfers involving virtual assets, Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, is fortifying the implementation of regulations relative to crypto transfers.Photo by C Bueza on UnsplashTravel rule clarificationsLocal news outlet, the English language newspaper The Philippine Star reported that central bank memorandum 2023-042 provides clarifications on the travel rule for virtual asset service providers (VASPs). The travel rule requires financial institutions to pass on information to the next institution where a transaction takes place. The BSP aims to bring greater clarity to several aspects, including the applicability of the P50,000 transaction threshold and expectations regarding transactions involving jurisdictions without travel rules. Additionally, further interpretation is being provided concerning the extension of the Philippine travel rule to non-custodial VASPs and regulatory expectations surrounding transactions with unhosted wallets or crypto wallets controlled directly by their owners, rather than managed by third-party service providers. FATF compliance ambitionThis regulatory move is in response to the directives from the Paris-based Financial Action Task Force (FATF). In 2021 the Philippines came under greater scrutiny from the intergovernmental organization, when it was included on its "gray list," making it a candidate for increased monitoring. The FATF has called upon the Philippines to establish guidelines for the travel rule to prevent terrorists and criminals from exploiting virtual asset transfers for the unrestricted movement of their assets and to detect and prevent misuse effectively.BSP-supervised financial institutions (BSFIs) are now mandated to scrutinize specific details of virtual asset transfers, including the originator's name, account number used in the transaction, originator's physical address or national identity and the beneficiary's name and account number. International moves towards complianceThis latest move by the Philippine central bank is not unusual. In recent months, a plethora of similarly motivated central banks around the world have tightened up on crypto regulation as it relates to the FATF directives. Being on the FATF's "gray list" is bad for a country’s reputation. It has the potential to result in loss of investor confidence and lead to higher compliance costs and greater monitoring. Additionally, it may have an impact on trade relations and damage a country’s ability to access international finance.  Turkey has also found itself on the organization’s gray list. Working towards repairing that situation, Turkey is in the process of establishing a crypto regulatory framework that will be FATF compliant.In May, Pakistan went a step further in banning cryptocurrency. At the time, its Minister of State for Finance and Revenue, Aisha Ghaus Pasha, stated that the ban had been a requirement for Pakistan’s removal from the FATF gray list. A tightening of crypto regulations has also occurred in the United Arab Emirates (UAE) and in Hong Kong more recently, as those territories work towards ensuring FATF compliance. The BSP emphasizes that transactions not surpassing the P50,000 threshold or its equivalent in foreign currency must include the names and account numbers of both the originator and beneficiary. Both originating and beneficiary VASPs are required to establish and adhere to robust sanction screening procedures, ensuring compliance with sanctions lists and preventing transactions involving sanctioned individuals, entities, or jurisdictions.

Speaking at the World Economic Forum in Davos, Hong Kong Financial Secretary Paul Chan Mo-po said digital assets should support the real economy, but only within a framework of strong safeguards to protect financial stability, market integrity, and investors.Photo by Ruslan Bardash on UnsplashAccording to the South China Morning Post, Chan addressed a closed-door workshop on Jan. 20, where he highlighted the advantages of digital assets, including greater transparency, improved risk management, and more efficient capital movement. Reviewing milestones in the city’s crypto sector, Chan said that since 2023, Hong Kong has issued three tranches of tokenized green bonds worth a combined $2.1 billion. He also pointed to a Hong Kong Monetary Authority pilot launched last November that enables real-value transactions using tokenized deposits and digital assets. Chan added that the city’s stablecoin licensing regime is progressing, with the first licenses expected in the first quarter. Same risks, same regulationsWhile emphasizing the necessity of financial innovation, Chan highlighted Hong Kong’s regulatory philosophy, which dictates that identical activities posing identical risks must be subject to identical regulations. He explained that this approach is designed to promote healthy, responsible, and sustainable sector development, reiterating that protective measures against financial instability remain mandatory. As Hong Kong officials continue to promote the city’s digital asset push on the international stage, a local industry body has cautioned that proposed licensing frameworks for crypto trading, advisory, and management services may have unintended consequences if rolled out without transitional measures. Industry group calls for grace periodAccording to Cointelegraph, the Hong Kong Securities & Futures Professionals Association (HKSFPA) said in a submission to regulators that existing market participants could be compelled to halt operations under the new rules unless a grace period is provided. The association called for a transitional deeming arrangement of six to 12 months for firms that file licence applications before the regulations formally take effect. No definitive start date has been set for the planned virtual asset regulatory regimes, which remain under consultation. Two days before issuing those comments, the HKSFPA had cautioned that the planned introduction of the Organisation for Economic Co-operation and Development’s (OECD) Crypto Asset Reporting Framework (CARF) and related Common Reporting Standard (CRS) amendments could create new operational and legal risks for local firms. The group said it supported the policy direction in principle but warned that uncapped per-account penalties and open-ended director liability could raise compliance risks, urging regulators to introduce clear caps and legal safeguards. The association also called for lighter requirements for entities with no reportable activity, the development of data file preparation tools from both the industry and the Inland Revenue Department (IRD), and the ability to transfer record-keeping responsibilities to third parties upon dissolution. Elsewhere in the region, Japan implemented the CARF on Jan. 1, 2026. Users of Japanese exchanges must now declare tax residence, while operators are required to submit transaction data—including trading volumes and asset breakdowns—to tax authorities by April 30 of the following year. Data regarding non-resident users is expected to be shared with foreign authorities under international agreements. Other jurisdictions are following suit, with India planning to adopt the framework by 2027.