Busan City Aims to Cultivate Growth in Blockchain and Fintech Industries

The Japan Exchange Group (JPX), operator of the Tokyo and Osaka stock exchanges, is considering measures to curb the expansion of publicly listed digital-asset treasury (DAT) firms, according to sources speaking to Bloomberg. JPX is reportedly exploring various regulatory avenues, ranging from tightening backdoor listing rules to mandating new audits for applicable firms. Following recent scrutiny from the exchange, three Japanese public companies have suspended their cryptocurrency purchase plans since September. These firms were reportedly warned that pursuing crypto investment as a core strategy could restrict their ability to raise future capital. While JPX currently lacks binding regulations explicitly prohibiting listed companies from accumulating digital assets, a representative stated that the exchange is monitoring firms with potential governance and risk issues to protect the interests of shareholders and investors.Photo by Su San Lee on UnsplashMetaplanet responds to regulatory concernsFollowing the Bloomberg report, Metaplanet, a Japanese public company that has adopted a Bitcoin accumulation strategy similar to that of the American firm Strategy, issued a clarifying statement. The firm asserted that it "has not been subject to any regulatory actions or investigations by relevant authorities concerning our business operations." Metaplanet emphasized its willingness to engage in constructive dialogue with regulators should any inquiries arise.According to BitcoinTreasuries.net data, Metaplanet is currently Japan’s largest corporate Bitcoin holder and ranks fourth globally among public companies, trailing only Strategy, MARA Holdings, and XXI. The extent of the firm’s commitment to this strategy was highlighted by Shinpei Okuno, Metaplanet’s Head of IR and Capital Strategy, who disclosed the company’s holdings via X. Balance sheet data as of September 30, 2025, reveals that Bitcoin accounts for 99% of Metaplanet’s total assets, 542.7 billion yen out of 550.7 billion yen. Okuno noted that the company aims to maintain a balance sheet structure that supports the issuance of digital credits collateralized by its crypto holdings. Market performance and sector outlookThe stock performance of DAT firms highlights the market's reaction to these risks. According to Yahoo Finance, Metaplanet’s share price has declined 40.29% over the past six months to 372 yen. This drop outpaces Bitcoin’s 8% decline over the same period. This downward pressure is visible across the broader DAT sector. Decrypt reported that Strategy's stock has fallen 50% from its July peak, while SharpLink, which invests in Ethereum, has dropped nearly 90%. Data from StrategyTracker indicates that the market-net-asset values (mNAVs) of these firms have slipped to near or below 1, reflecting depressed valuations. Analysts warn that low mNAVs complicate capital raising efforts, potentially forcing these firms to liquidate crypto holdings to cover operating expenses. At the same time, the analysts acknowledged possible tailwinds. Fakhul Miah, Managing Director at GoMining Institutional, told Decrypt that Bitcoin-oriented DATs generally outperform those investing in multiple, higher-risk crypto assets. He suggested that if U.S. economic data indicates easing inflation and the Federal Reserve cuts rates in December, Bitcoin could rally. Yaroslav Patsira, Fractional Director at CEX.IO, echoed this sentiment, noting that the outlook for DATs is tied closely to Bitcoin’s potential upside. Taking a longer-term view, Decrypt noted that despite the recent pullback, crypto-related equities have shown strong year-to-date (YTD) performance relative to the underlying asset.Galaxy Digital is up 73.4% and SharpLink 43.2% YTD, compared to Bitcoin’s 8.6% gain, suggesting the current correction is taking place within a broader uptrend. Japanese stablecoin push faces U.S. resistanceBeyond the equity markets, Japanese crypto initiatives are also encountering regulatory friction in the U.S. Decrypt reported that a coalition of small U.S. banks has formally objected to a bid by Connectia Trust, a proposed subsidiary of Sony Bank, to issue dollar-backed stablecoins in the U.S. Sony Group’s banking arm recently applied to the Office of the Comptroller of the Currency for a national trust charter to facilitate these issuances. The Independent Community Bankers of America (ICBA) argues that the Japanese institution is attempting to exploit regulatory gaps to avoid the oversight applied to traditional banks, noting that Connectia’s stablecoin bears similarities to bank deposits. However, Kadan Stadelmann, CTO of Komodo Platform, offered a different view, telling Decrypt the concerns are “overstated and driven by big-bank interests.” 

XPLA to Bring The Walking Dead: All-Stars to MainnetXPLA, the blockchain gaming platform operated by South Korean gaming company Com2uS Group, has announced that it will onboard Com2uS Holdings’ mobile collectible role-playing game (RPG), The Walking Dead: All-Stars.Photo by Rebekah Yip on UnsplashBringing a fan-favorite story to the gaming worldThe Walking Dead: All-Stars is based on the globally renowned “The Walking Dead” comics, leveraging the global intellectual property owned by Skybound Entertainment. It has received acclaim for its post-apocalyptic setting, characterized by captivating artwork that captures the ambiance of the original comics. Robert Kirkman, author of the comics and Chairman of Skybound Entertainment, has been directly involved in overseeing the project, earning support from fans of the series. The game has also been labeled as an Editors’ Choice app on Google Play.“The Walking Dead: All-Stars vividly brings to life the illustrations of the original comics, which triggered a global zombie craze. We will bring new forms of fun centered around in-game ownership for users worldwide within XPLA’s Web3 ecosystem, ” said Son Kyung-hyun, CEO of FunFlow, the Com2uS subsidiary that developed the game in collaboration with Skybound Games.The Web3 update for the game is scheduled to take place later this month, XPLA said. Users who connect their crypto wallets to the game will be able to collect in-game items and exchange them for XPLA, the platform’s native token, allowing players to own and utilize the assets that they have acquired in the game. Currently, the XPLA token is actively traded on global crypto exchanges such as Crypto.com, Gate.io, and HTX (formerly Huobi Global), as well as major domestic exchanges like Bithumb, Korbit, and GOPAX.Building the game lineupXPLA has been continuously onboarding Web3 games based on hit IPs, such as action RPG Summoners War: Chronicles, casual game MiniGame Party, fishing game Ace Fishing: Crew, and massively multiplayer online RPG (MMORPG) Idle Ninja Online, establishing itself as a global Web3 content hub centered around gaming and entertainment.

Wemade to Participate as Main Sponsor in G-STAR 2023South Korean blockchain game developer Wemade will participate as the main sponsor in this year’s G-STAR 2023, the global game exhibition to take place from November 16 to 19 in the southern port city of Busan. This marks the company’s second consecutive year as a main sponsor of the event, highlighting its commitment to promoting Korea’s rapidly growing global blockchain gaming market.“We hope that G-STAR will mark a turning point for Wemade as a blockchain pioneer in the domestic gaming market,” said Henry Chang, the company’s CEO.Leading the future of gamingAt the exhibition’s B2C section, Wemade will unveil its upcoming releases set to enter the global market via WEMIX PLAY, its blockchain gaming platform. The developer said it will showcase games including the MMORPG “Legend of YMIR,” which is currently in the works at Wemade’s extended reality subsidiary Wemade XR, and the baseball game tentatively titled “Round 1 Baseball” under development by Round 1 Studio, which Wemade will publish.Photo by Jack B on UnsplashWemade also plans to participate in discussions regarding potential collaboration opportunities with other domestic and international gaming and blockchain companies in the B2B section.CEO Chang is set to deliver the opening keynote speech at G-CON 2023, a conference to be held at the exhibition, on November 17 at 10 AM. He will present his insights into the future vision for the blockchain gaming market.Moreover, various outdoor events are being prepared to create a festive atmosphere for visitors to enjoy throughout different areas of Busan.Wemade plans to publish an online page for G-STAR 2023 to provide detailed information about their showcased works and general details about the event.Success storyNotably, at last year’s G-STAR, Wemade unveiled “Night Crow,” — an MMORPG made by Madngine, a game-developing company that Wemade invested in this year — which drew the attention of the attendees. The game has since topped popularity and sales rankings following its domestic release in April. A blockchain version of the game utilizing tokenomics is also set to launch in the global market at the end of this year.