Bitget invests in Morph layer 2 network

CoinFund expands its reach into AsiaCoinFund, a New York-based venture capital firm specializing in the cryptocurrency ecosystem, is strategically expanding its presence in Asia, with Hong Kong as its first destination.The move comes amid regulatory uncertainties in the United States, prompting some crypto companies to explore more favorable environments. CoinFund’s decision is bolstered by Hong Kong’s recent implementation of a regulatory framework for virtual assets and its commitment to attracting virtual asset businesses.Photo by Florian Wehde on UnsplashHiring in Hong KongIt emerged earlier this month that the U.S. company had hired Dmitry Lapidus as its Senior Liquid Analyst based in Hong Kong. The move has highlighted the increasing trend of capital flowing out of the United States, particularly towards Asia.In an interview with the South China Morning Post (SCMP) last week, Lapidus expressed the firm’s goal to tap into the growing crypto trading activities and the burgeoning community of crypto entrepreneurs in the region. CoinFund, established eight years ago, sees Asia as a key market for expansion. Lapidus stated:“If you look at the history of how this industry has evolved, there has always been very active participation from Hong Kong and China, in particular in the early days” . . . “So I almost view it as one of the more natural places for innovation and for experimentation.”Asian opportunity amid U.S. difficultiesThe regulatory landscape in the United States has been a source of frustration for crypto firms, facing challenges due to a lack of clear cryptocurrency regulations and increased enforcement actions by authorities. To underscore the adversarial regulatory environment further, it emerged on Monday that the Securities and Exchange Commission (SEC) is suing crypto platform Kraken for the second time, having agreed to a $30 million settlement with the company back in February.Taking to the X platform, Kraken Founder Jesse Powell stated:”Message is clear: $30m buys you about 10 months before the SEC comes around to extort you again. Lawyers can do a lot with $30m but the SEC knows that a real fight will likely cost $100m+, and valuable time. If you can’t afford it, get your crypto company out of the US warzone.”CoinFund’s move to Hong Kong follows a broader trend, with other U.S.-based crypto VC firms, such as Hivemind Capital Partners, also expanding their operations to the region.Hong Kong’s commitment to embracing the cryptocurrency sector has been evident in its policies, including the implementation of a mandatory licensing regime for centralized exchanges, enabling them to cater to retail investors. The city’s proactive approach contrasts with the regulatory uncertainty in the U.S., making it an attractive destination for crypto businesses seeking a more favorable environment.CoinFund Founder Jake Brukhman highlighted the importance of the Asian market in a recent blog post. Brukhman confirmed that 45% of the startup founders the firm backs are headquartered outside the United States. Against that backdrop, Brukhman said, “We’re both inspired by the energy in the Asian market and responsible for interpreting these opportunities for our portfolio.”While the broader crypto investment landscape has seen a decline, with a 28% quarter-over-quarter drop in investment in the third quarter of this year, CoinFund stands out. In July, the firm successfully raised $158 million for a new fund dedicated to supporting early-stage crypto startups.

Vietnam moved ahead with its digital asset strategy on Jan. 20, as the Ministry of Finance opened applications for crypto exchange operators. The step puts the government’s broader regulatory framework into effect, allowing qualified firms to apply for approval to operate trading platforms.Photo by Jakub Żerdzicki on UnsplashDecision No. 96/QD-BTC of the Finance Ministry establishes three administrative procedures governing the sector, The Investor reported. The rules set out processes for issuing operating licenses, handling changes to existing permits, and revoking authorization from firms that fail to comply. 10 banks and brokerages signal interestAbout 10 securities firms and banks have already indicated plans to take part. The institutions are preparing to file applications in a bid to become the country’s first licensed crypto operators under the new rules. The groundwork for this week’s licensing phase was laid last June, when the government moved to legalize digital assets, paving the way for their formal recognition as an asset class on New Year’s Day. The shift was put into practice in September with the launch of a strict five-year pilot program aimed at keeping the emerging market under close monetary oversight. Under the pilot, all crypto transactions must be carried out exclusively in Vietnamese dong. Companies seeking to be licensed as crypto exchange operators must show two years of profits and at least 10 trillion dong ($380 million) in capital. The rules favor domestic players, allowing only Vietnam-registered firms to issue cryptocurrencies and requiring foreign investors to enter the market through ministry-licensed intermediaries. G-Group teams up with TetherThe regulatory push comes as private sector deal-making accelerates. Earlier this month, Hanoi-based tech firm G-Group signed a memorandum of understanding (MOU) with stablecoin issuer Tether to share technical expertise and international best practices, according to another report by The Investor. The agreement followed an October meeting between Deputy Prime Minister Ho Duc Phoc and Tether executive Marco Dal Lago. Dal Lago said the company was eager to work with Vietnamese partners to help develop the country’s crypto market. G-Group has also moved to build out its domestic infrastructure, collaborating with blockchain ecosystem Ninety Eight to form a joint venture. The new company, G98 Digital Asset JSC, will develop compliant crypto products, offer end-to-end blockchain services such as custody, and integrate those solutions into corporate systems. At the institutional level, Vietnam has also partnered with South Korea. In August, Military Bank, one of the nation’s five largest lenders and a subsidiary of the Ministry of National Defence, signed an agreement with Dunamu, the operator of South Korea’s largest crypto exchange, Upbit. The partnership is designed to support upgrades to Vietnam’s financial system, with Dunamu providing expertise on exchange operations, regulation, and investor protection. 

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.