Wemade to attend Taipei Game Show this month

GSR Gets on Path Towards Full Regulatory Approval in SingaporeGSR Markets Pte. Ltd., the Singaporean subsidiary of the global crypto trading firm GSR, has reached a significant milestone in its quest to become a fully licensed entity within the city-state. On Monday, the Monetary Authority of Singapore (MAS) granted GSR in-principle approval for a Major Payment Institution (MPI) license.Photo by Mike Enerio on UnsplashTrading licenses filtering throughThis development mirrors similar approvals granted to other crypto firms in the region, solidifying Singapore’s status as a hub for crypto and Web3 innovations. The approval of GSR’s MPI license follows hot on the heels of Coinbase Singapore’s announcement of securing a full Major Payment Institution license from MAS.Other companies such as Circle, Blockchain.com, and Crypto.com have also obtained MPI licenses this year. These developments underscore the competitive yet regulated landscape of the cryptocurrency market in Singapore.In-principle approvalThe in-principle approval from MAS empowers GSR to provide crypto and fiat-related services to Singaporean residents and entities. This includes the ability to conduct payment services without the limitations of single transaction thresholds (SGD 3 million) and monthly limits (SGD 6 million). GSR’s CEO, Jakob Palmstierna, expressed gratitude for MAS’s constructive oversight, which has played a pivotal role in shaping the evolving digital asset landscape in Singapore. Palmstierna stated:“We are immensely grateful to MAS for their constructive oversight, which helps shape a growing digital asset ecosystem that we feel proud to be a substantial part of.”Meanwhile, GSR’s COO Xin Song, emphasized the importance of this approval, stating that it enables them to “deepen our local client partnerships and continue in our critical role as a liquidity provider within the ecosystem.”GSR’s presence in Singapore aligns with the country’s burgeoning crypto-friendly environment. Recent surveys indicate that 25% of Singaporeans view cryptocurrency as the future of finance, with 32% having some involvement in crypto ownership. Moreover, Singapore boasts over 700 Web3 companies, positioning itself as a pivotal market for the expansion of the crypto and Web3 economy.Company ambitionsGSR, established in 2013 in New Jersey, offers a diverse range of services, including over-the-counter crypto trading, derivatives trading, market making, and venture capital investments. The firm is no stranger to regulatory compliance, holding Money Service Business licenses across several US states.The company was founded by former Goldman Sachs Executives Rich Rosenblum and Cristian Gil. At the height of the last crypto bull run, the crypto market maker had plans “to add 100 hires every six months for the next few years.” No doubt that ambition has been scaled back since then, given the protracted bear market which has followed.Last month, Gil became embroiled in a spat with Andrei Grachev of rival market making firm, Singapore-based DWF Labs.GSR’s recent attainment of in-principle approval for a Major Payment Institution license from MAS reinforces Singapore’s position as a leader in the crypto space. The firm’s interest in pursuing a compliant route forward and its role as a liquidity provider bode well for both GSR and the broader crypto community in the Asia-Pacific region.

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.

Viver Boosts Business Expansion with Blockchain IntegrationViver, a luxury watch trading platform and subsidiary of Dunamu, which operates the Upbit cryptocurrency exchange in South Korea, is gearing up to expand its business by securing operating funds and implementing blockchain technology to enhance the transparency and security of trades.Photo by Caramel on UnsplashIn particular, designated services in which Viver plans to incorporate blockchain technology include the management of transaction history and the authentication of buyers and sellers, which can be used for watch appraisals and guarantees.“We do not plan to introduce services incorporating blockchain right away this year, but we are exploring ways to bring Dunamu’s strengths in blockchain to Viver,” the platform explained.From acquisition to nurturing growthAfter its establishment in February 2021, Viver was soon acquired by Dunamu, which injected KRW 9.5 billion (approximately $7.2 million) into the company on June 30 of that same year.Since then, the platform has been receiving continued financial support from Dunamu. It received KRW 2 billion in operating funds last year and an additional KRW 5 billion last Wednesday through board approval. In total, Viver has received approximately KRW 16.5 billion in funding from Dunamu over the past two years. “We decided to inject these operating funds to facilitate business growth,” Dunamu explained. The company also filed for trademark rights to Viver in July.This move contrasts with Dunamu’s actions in the first half of the year, where it divested its entertainment subsidiary, rrr Entertainment, for KRW 3 billion and its video production subsidiary, Knowmerce, for KRW 2.7 billion.In its first year of establishment, Viver recorded a net loss of approximately KRW 433 million, followed by a net loss of KRW 3.8 billion in 2022. While it has not yet achieved a turnaround in financial performance, the platform is facing promising outlooks as it has witnessed a substantial tenfold increase in its user base over the past year. Furthermore, since the launch of the service in August last year, the number of products directly listed by sellers as of July this year spiked nearly thirty times, with monthly trade count and transaction volume increasing almost fifteen times.Solid leadership and the beginnings of monetizationViver’s efforts to grow as a commerce service have been led by CEO Moon Jae-yeon and Chief Operating Officer Seo Hee-seon. Moon is known for his expertise in the management of commerce platforms through his experience working at eBay Korea and Coupang. Seo has similarly worked at notable companies such as BGF Retail, Interpark, eBay Korea, and 11th Street.Since Tuesday, Viver has started implementing service fees, signaling its move toward monetization. While transaction fees are still free due to an ongoing promotional event, order management fees are set at 2%, and sellers are now responsible for shipping costs.“Since our platform facilitates brokered trades, there are costs involved in order management, shipping, and our own evaluation and diagnostics processes. We have started charging fees for some of these costs so we could provide an improved trade experience,” Viver explained in regard to these changes.Viver also has its own magazine section, where it recently unveiled a special article for its 100th issue outlining its most popular and expensive high-end timepieces.