Mirae Asset Securities and NEAR Protocol Partner to Advance Blockchain Tech

Russia is moving to let ordinary investors gain limited exposure to cryptocurrencies under a draft law that would bring digital assets under the country’s existing financial market framework rather than treating them as a separate category of regulation.Photo by Michael Parulava on UnsplashAnnual retail crypto cap set at $3,800According to a Jan. 13 report by TASS, Anatoly Aksakov, chairman of the State Duma Committee on the Financial Market, said the changes would allow digital assets to become part of everyday life for Russian citizens, but within limits. Under the proposal, annual crypto purchases by retail investors would be capped at 300,000 rubles (roughly $3,800). Aksakov added that professional investors would face no restrictions on crypto investing, noting that digital assets are expected to play a significant role in international settlements. The shift had already been signaled in a December statement from the central bank, cited by Bloomberg. The Bank of Russia said non-qualified investors would be allowed limited access to the most liquid cryptocurrencies after passing a knowledge test. Qualified investors, meanwhile, would be able to buy digital assets without restrictions—excluding anonymous tokens—after completing a risk-awareness assessment. Under the proposals, crypto transactions would be routed through existing market infrastructure. Regulated exchanges, brokers, and trust managers would operate under their current licenses, while custodians and crypto exchange services would be subject to separate requirements. Residents would also be permitted to buy digital assets abroad and transfer their holdings through Russian intermediaries, provided such transactions are reported to tax authorities. The central bank submitted the proposals to the government as part of legislative amendments intended to regulate trading by July 1. It also warned that crypto assets remain high-risk and that investors could face losses. The move marks a notable shift in tone for the Bank of Russia, which in early 2022 pushed for strict limits on the issuance and use of digital assets, likening them to pyramid schemes. Crypto’s role in Russia’s cross-border activity has since expanded amid Western sanctions, including restrictions on access to the SWIFT messaging system imposed on Russian banks after the invasion of Ukraine. Ruble stablecoin booms amid sanctionsThat environment has helped fuel the recent rise of a ruble-backed token used in cross-border flows. A7A5, launched in Kyrgyzstan in January 2025, capitalized on this demand, processing more than $93.3 billion in transaction volume over about a year, according to Chainalysis data. Operating on the TRON and Ethereum blockchains, the token has become a major tool for Russian users navigating banking restrictions. This utility had driven daily transfer volumes past $1 billion by July, according to Elliptic. The activity has persisted despite sanctions and questions about fundamentals, even as the ruble had gained roughly 40% against the dollar by early June, based on Bank of America data cited by CNBC. CoinMarketCap data show A7A5 listed only in a USDT pair on Uniswap V2, while an August Chainalysis report found that activity is concentrated on U.S. Treasury Department Office of Foreign Assets Control (OFAC)-sanctioned services with Russian ties, including Meer, Bitpapa, and Grinex, a confirmed successor to Garantex. Operations on these platforms follow a strict Monday-to-Friday schedule, with volumes surging early in the week and vanishing on weekends. 

Elliptic and CODE join forces to propel crypto compliance in KoreaElliptic, a global blockchain analytics and crypto compliance solutions provider, has partnered with CODE, a Seoul-based Travel Rule solution provider, as part of efforts to expand its operations into the Korean market. Under this agreement, the two companies aim to actively support virtual asset service providers (VASPs) in South Korea in their attempts to adapt to the evolving international regulatory landscape for anti-money laundering (AML) and the crypto Travel Rule.Photo by NordWood Themes on UnsplashCrypto Travel RuleThe Travel Rule refers to the Financial Action Task Force’s (FATF) Recommendation #16, which outlines that VASPs must share certain personal information about customers — including names and account numbers — when facilitating crypto transactions that exceed a certain amount.Empowering VASPs through risk mitigationElliptic and CODE will work together on comprehensive regulatory technology-based (RegTech) solutions to enable VASPs to identify AML and Counter Financing of Terrorism (CFT) risks among virtual asset transactions, ultimately leading the sustainable growth of the crypto asset industry. In particular, CODE will be able to leverage Elliptic’s services to ensure compliance with Travel Rule regulations. Elliptic offers solutions like wallet screening, transaction monitoring, crypto investigations and VASP screening for big names like Coinbase, Binance and BitGo, as well as law enforcement agencies.“This partnership with Elliptic allows us to expand our compliance services beyond Travel Rule-related solutions for VASPs. Elliptic’s advanced technology and expertise will help our corporate members achieve regulatory compliance more efficiently, contributing greatly to enhancing transparency and security throughout the larger virtual asset industry,” said CODE CEO Lee Sung-mi.

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 shared 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 data, 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 last month 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.” As Connectia’s application undergoes U.S. regulatory review, it has once again exposed the underlying divide between established banking interests and crypto-native approaches to financial services, particularly around how stablecoin issuers should be overseen.