Axie Infinity Moves Further Mainstream with App Store Release

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.

Bitget invests in Morph layer 2 networkBitget, the Seychelles-incorporated crypto derivatives exchange, has injected a multi-million dollar investment into Morph, a Layer 2 blockchain that puts consumer experience at the forefront.Photo by Shubham Dhage on UnsplashCombining zero knowledge and optimistic rollupsThe collaboration, unveiled on Monday, signals a significant stride toward cultivating a novel, value-driven decentralized application (dApp) ecosystem. Morph, formerly known as Morphism, has garnered attention for its unique use of roll-up technology. By seamlessly blending optimistic and zero-knowledge (ZK) roll-ups, Morph aims to revolutionize scalability, reduce cost barriers, expedite dispute resolutions and ensure secure and adaptable transactions.The project’s modular framework allows individual components of the ecosystem to evolve independently, staying abreast of rapid innovations in consumer applications.Combating MEVA distinctive feature of Morph’s design is the Decentralized Sequencer Network, a mechanism that ensures swift and cost-effective Layer 2 transactions. This challenges the dominance of maximal extractable value (MEV) and eradicates central points of control. MEV involves the maximum amount of value that can be extracted from a block on a blockchain network. It may be manipulated through the ordering and sequencing of transactions on the chain.Technological innovation is not the sole objective of the Morph development team. Their ambition extends to creating a space where dApps seamlessly integrate into users’ daily lives, delivering tangible value. This consumer-centric approach prioritizes user experience through easy onboarding processes and intuitive interfaces. The network is attractive to developers due to lower cost barriers and accelerated dispute resolution.Gracy Chen, Managing Director of Bitget, underscored the significance of the collaboration, praising Morph’s exceptional team, multicultural approach and strategic capabilities. Chen notes that Morph’s emphasis on a decentralized and consumer-centric approach aligns seamlessly with Bitget’s vision. This partnership, she believes, has the potential to transform the blockchain space, making the technology more accessible for everyday use and unlocking widespread consumer adoption.Cecilia Hsueh, Co-Founder and CEO of Morph, expressed gratitude for Bitget’s support, emphasizing that the recent capital infusion underscores confidence in Morph’s unique value proposition, setting the stage for an upcoming seed funding round. The strategic alliance with Bitget provides Morph with a robust platform for growth, tapping into Bitget’s expansive user base of 20 million exchange users and 12 million Bitget Wallet users. Notably, Morph had previously entered into a strategic alliance with Foresight Ventures, a crypto fund based in Singapore.Looking ahead, Morph is gearing up for significant milestones as it develops further. The project plans to intensify the refinement of its technical framework and broader ecosystem in the coming months. Notably, Morph is slated to launch its public testnet in January 2024, followed by the beta mainnet of its Optimistic zkEVM, which is scheduled for Q2 2024.As Bitget continues to forge ties with up-and-coming Web3 entities, this collaboration with Morph has the potential to propel the project towards its strategic goals but also sets the stage for a transformative shift in the landscape of Layer 2 solutions.

Korean Financial Watchdog to Penalize Bankers Involved in Illegal Foreign RemittancesThe Korean Financial Supervisory Service (FSS) recently completed an investigation into illegal foreign remittances of approximately 16 trillion KRW (~$12,137,718,400) that involved numerous bankers.©Unsplash/Paul FiedlerExploiting the kimchi premiumThe investigation, launched by the Korean financial watchdog last June, found that these lawbreakers sent funds to China, Hong Kong, and other overseas destinations through Korean crypto exchanges, trading firms, and bank branches with an aim of making money through arbitrage by taking the advantage of the kimchi premium, a term used to describe that the higher prices of crypto assets in Korean exchanges compared to their foreign counterparts.Bankers neglecting the KYC ruleSome of these bankers participated in the crime by raising the remittance cap and applying favorable exchange rates to trading companies that had no previous transaction records with banks. By law, bankers in Korea are obligated to follow the “know your customer” rule. It was found that 12 domestic banks and one futures firm were involved in this incident.The FSS has decided to impose strict penalties on these financial institutions, considering they were exploited for money laundering purposes. These entities are likely to have some of their services suspended, with the employees involved being fired.Accountability of top bankersOne key point to watch out for is whether the FSS would be able to hold executives accountable. Some say penalizing top bankers is not easy, given that it has to be proven that the employees’ criminal activities were due to a lack of executives’ internal control.The financial regulator recently announced plans to revise the law governing banks’ governance, but it is expected that such a bill would take some time to pass through the National Assembly.Through a revision of the law, the financial authority aims to hold top executives at financial institutions more responsible for serious financial accidents. It looks forward to bestowing top bankers with the obligation of comprehensive internal control management and making them accountable as an overall manager only in case of critical financial accidents. The term “top executives” in the bill will encompass not only bank presidents but also chairpersons of financial holding companies. More specific revision plans are expected to be revealed by the end of this month.