Kuwait Implements Full Ban on Crypto Activities

Crypto Titans Clash on Elon Musk’s XA subtle panel discussion photo posted by Andrei Grachev of Singapore’s DWF Labs turned into a war of words among crypto trading titans on Elon Musk’s X (formerly Twitter).Photo by Marek Piwnicki on UnsplashDWF vs GSRGrachev, who is a Managing Partner at the market maker and Web3 investment firm, thanked his fellow panelists in the post. However, the tone quickly soured as Cristian Gil, Co-Founder of rival market-making giant GSR, took offense to Grachev’s presence on the panel and voiced his disapproval on the platform.Gil didn’t mince his words, stating: “[Andrei Grachev] had absolutely no business to be on that panel. It’s insulting to [GSR] , [OKX] and [Wintermute] to be in the same room as [DWF Labs].”DWF vs WintermuteHis remarks received a “Like” from Evgeny Gaevoy, the CEO of market maker Wintermute. In response, Grachev defended his presence, asserting that DWF was superior in technology, trading, and business development compared to its rivals, going so far as to suggest to Gil: “Yeah, if I were you — I would be also crying all the time.”The exchange continued with Grachev claiming that DWF was capturing market share from Wintermute, and Gaevoy responded with a nonchalant “lol,” challenging Grachev to invest more if he believed DWF posed a threat.DWF Labs’ rapid growthWhile the exchange consisted of mere words, it shed light on DWF Labs’ sudden rise to prominence earlier over recent months. The company has featured prominently in an array of investments in Web3 startups and blockchain networks over the course of 2023. Prominent among them have been investments in EOS, the Algorand ecosystem, and the TRON ecosystem.Recently appearing on the BlockBeats podcast, Grachev defended the company, outlining that it was not involved in market manipulation in response to recent assertions to the contrary.“We do not engage in any manipulative behavior,” Grachev stated. “Of course, we have the futures market, which is a tool for hedging positions and trading clubs. We are completely different from directional traders,” he added.Gaevoy added some humor to the mix by sharing a meme, raising questions about the maturity level of these prominent figures in the crypto industry. The spat provoked a broad array of commentary from the crypto community.Crypto immaturityThe very public clash raises concerns about how traditional Wall Street firms, currently making bold moves into the crypto space, might perceive such behavior. Notably, firms like BlackRock have been involved in Bitcoin ETF applications, signaling a growing interest in cryptocurrency among mainstream financial institutions. In response to Gaevoy and Grachev, one commentator wrote: “The institutions are never coming back.”While it would appear that there’s no love lost between DWF, GSR, and Wintermute, it also seems evident that both market makers can agree on Singapore as being an appropriate location from where to operate a crypto business. While Wintermute is London-based, it revealed recently that it was expanding its operations in Singapore. Like Wintermute, GSR is primarily based in London although it too maintains a presence in Singapore to service Asia-centric business.

Korean Cafe Attracts Customers with NFTsA South Korean cafe owner has employed non-fungible tokens (NFTs) as an ingenious marketing strategy to attract customers.©Pexels/Leeloo ThefirstNFT holder benefitsIn an interview with Korean crypto news outlet Digital Asset, Yoo Hyun, the entrepreneurial business owner, explained that he was seeking a strong marketing tool to capture the attention of the NFT market. Yoo was interested in seeing if his cafe could remain profitable while also offering substantial benefits to its customers.Since April 2022, Yoo has released a total of 50 Ethereum-based NFTs related to his cafe, Hide Me, Please (HMP), in two separate batches of 25 each. The first set of NFTs grants holders a free cup of coffee or drink daily for life, while the second set offers an extra drink or dessert with each drink purchased.Increased revenueThis unique NFT initiative has led to increased revenue for the cafe. Kim Dae-sung, the CFO of HMP, explained that the cafe’s monthly revenue increased by 15% compared to the same period last year.HMP is currently selling 500 NFTs as a third set and plans to release more depending on demand. Yoo highlighted the importance of an appealing interior design and tempting desserts, as NFT holders visiting for a free coffee may be enticed to purchase a dessert as well.Regular customersYoo asserts that the food and beverage industry hinges on retaining regular customers and believes NFTs can help achieve that objective. HMP aspires to become a community-based platform, and according to Kim, many digital artists are interested in the space that the cafe provides because it enables them to connect with clients. Collaborations often take place, and while the cafe charges for food and drinks, it does not charge for space rental. This approach fosters a positive impression and contributes to a strong brand image.High-quality cafeAt present, about 5% of HMP’s customers hold NFT memberships. Yoo and Kim plan to increase this number to 10% but no higher, as excessive reliance on NFT members could jeopardize the business. They underlined the significance of remaining a high-quality cafe, staying true to the core foundation of their enterprise. As they anticipate the growth of the Web 3.0 ecosystem, Yoo and Kim believe that with continued efforts, HMP will gain even greater value.

JPYC Inc., the issuer and operator of the Japanese yen stablecoin JPYC, announced it is set to raise 1.78 billion yen ($11.4 million) in a funding round led by Asteria Corporation. The proceeds will be used to upgrade systems and applications, expand the company's workforce, and bolster services related to the issuance, redemption, and settlement of its stablecoin.  The firm also plans to explore new business opportunities through strategic investments as stablecoins shift from early-stage experimentation to wider commercial use. Currently available on Avalanche, Ethereum, and Polygon, JPYC intends to add support for additional blockchain networks and broaden its use cases.Photo by Possessed Photography on UnsplashUniversities ramp up blockchain trainingSeparately, blockchain education initiatives are advancing in Japanese academia. The Endowed Chair for Blockchain Innovation at the University of Tokyo’s Graduate School of Engineering will launch a new blockchain application practice program in the 2026 academic year. The hands-on track will complement the university's existing public lecture series.  The program will bring together students from diverse fields—including finance, cryptography, art, and product design—to collaborate on practical projects. Interdisciplinary teams will develop new concepts, with selected groups eligible for an entrepreneurship support initiative starting in September. Organizers noted the program aims to cultivate advanced talent while remaining platform-neutral. These developments coincide with the Japanese government’s broader push to integrate digital assets into the financial sector. In a video message at the “MoneyX 2026” crypto and Web3 conference on Feb. 27, Finance Minister Satsuki Katayama stated that the government is advancing efforts to support the broader adoption of stablecoins and tokenized deposits.  According to CoinPost, Katayama indicated the Financial Services Agency (FSA) will back pilot projects under its payment platform (PP) initiative in the securities settlement sector. These projects will test recording the transfer of rights for government bonds, corporate bonds, and equities on blockchain infrastructure, linking settlements to stablecoin payments.  New crypto bureauKatayama also announced plans to launch a new FSA bureau dedicated to digital financial assets as early as this summer, significantly expanding the agency’s organizational capacity. She urged industry participants to leverage the PP framework, particularly for regulatory interpretation support during proof-of-concept trials. Meanwhile, Hong Kong authorities are signaling further policy measures to strengthen the city’s crypto investment landscape. In his latest budget speech, Financial Secretary Paul Chan said the number of single-family offices in the city has exceeded 3,300 and outlined plans to refine the tax regime—including for digital assets—to attract more capital. The proposed revisions would expand the scope of what qualifies as a "fund," bringing certain single-investor vehicles under the definition. The changes would also classify digital assets, precious metals, and specific commodities as eligible investments for tax incentives. The government plans to table an amendment bill in the first half of the year, targeting implementation in the 2025/26 year of assessment.