BitGo secures in-principle MPI license approval in Singapore

Several Japanese companies, including Remixpoint and Metaplanet, have been increasing their Bitcoin (BTC) holdings, underscoring the growing institutional interest in cryptocurrencies in the region.Photo by Kanchanara on UnsplashRemixpoint, an energy consulting firm listed on the Tokyo Stock Exchange, recently announced an additional purchase of 32.83 BTC valued at 500 million yen ($3.4 million), according to local news outlet CoinPost. This acquisition took place on May 13 at an average price of 15.23 million yen ($104,270) per BTC, bringing the company's total BTC holdings to 648.82 BTC. Remixpoint's crypto portfolio, including BTC, is now valued at 11.1 billion yen ($76 million) and also comprises Ethereum (ETH), Solana (SOL), XRP and Dogecoin (DOGE). The firm began actively accumulating BTC late last year, motivated by multiple factors, including the positive price trend following the latest Bitcoin halving event, increased market activity after the latest U.S. presidential election and the growth in institutional participation, particularly after the approval of spot crypto ETFs in the U.S. Metaplanet becomes a major BTC holderAnother notable player, Metaplanet, a publicly traded Japanese company specializing in Bitcoin investment, has positioned itself as one of the largest BTC holders globally. As of May 12, Metaplanet’s Bitcoin yield reached 170%, with total holdings of 6,796 BTC. This places it as the 11th largest Bitcoin holder worldwide and the largest in Asia, surpassing El Salvador, which currently holds 6,177 BTC, according to data from Arkham. Metaplanet's ongoing Bitcoin accumulation aligns with CEO Simon Gerovich's advocacy for Bitcoin. In a March podcast, Gerovich said he encourages his friends to allocate "100% of their net worth into Bitcoin." The company’s strategic goal is to amass 10,000 BTC by the end of 2025 and 21,000 BTC by 2026. Reinforcing its influence, Metaplanet appointed Eric Trump, the second son of pro-crypto U.S. President Donald Trump, to its newly formed Strategic Board of Advisors in January. Evolving crypto policies, including national reservesBefore Trump's second term, Gerovich expressed his expectation that other countries would follow the U.S. once it established a national Bitcoin strategic reserve—a move formalized by President Trump through an executive order in March. In a related development, Ukraine is reportedly drafting a bill to create a similar reserve in collaboration with Binance. Meanwhile, in Taiwan, lawmaker Ko Ju-Chun has been advocating for adding Bitcoin to the country's national reserves. In a similar trend, another Japanese firm, Value Creation, disclosed plans last month to acquire 100 million yen ($660,000) worth of Bitcoin, further reflecting the growing interest among Japanese companies in crypto investments. Complementing this corporate adoption trend, Japan's Financial Services Agency (FSA) has been shaping its regulatory framework for cryptocurrencies. The agency aims to redefine digital assets as financial products under the Financial Instruments and Exchange Act, a move viewed as an attempt to balance innovation with investor protection. Building on this approach, an FSA discussion paper released on April 10, which remained open for public feedback until May 10, proposed classifying crypto assets into two categories: those used for fundraising and business activities, and those that are not—such as BTC and ETH. This regulatory evolution, alongside increasing corporate investment in BTC, reflects Japan's efforts to adapt to the evolving global crypto landscape.

KISA and Ministry of Science and ICT Launch Blockchain Program for InnovationThe Korea Internet and Security Agency (KISA) and the Ministry of Science and ICT announced on Thursday that it held an initiation ceremony for the 2023 Blockchain Nuridan — an annual program aimed at recruiting beta testers for blockchain services to foster an ecosystem for blockchain innovation.Photo by Shubham Dhage on UnsplashPublic participation in advancing blockchain in KoreaNow in its fifth year, Blockchain Nuridan offers hands-on experience in blockchain services in order to raise public awareness of blockchain technology and businesses and gather feedback on how to improve these services.This year, 150 citizens who have a high level of understanding of the industry, such as blockchain professionals, university students majoring in blockchain, and more, have been selected to test and experience various services from twelve different blockchain projects, then provide comments and feedback for improvement. They will also be responsible for choosing services to be beta tested next year as well as sharing their reviews of the services on their social media accounts.Fostering collaboration and engagement“Together with the Blockchain Nuridan, KISA will do our best to enhance the competitiveness of companies participating in blockchain projects and provide services that will bring convenience to people’s lives,” said Kwon Hyun-oh, Head of the Digital Industry Division at KISA.At the latest initiation ceremony, the citizens received certificates for their participation and were issued non-fungible token (NFT) badges. There was also an information session outlining the details and role of the program.

Leading Chinese gaming company lines up $100M crypto investmentAs yet another indicator of the rising trend of institutional crypto investments, China’s premier board and card game company, Boyaa Interactive, has unveiled plans to invest up to $100 million in cryptocurrency assets, with a focus on Bitcoin (BTC) and Ethereum (ETH).News of Boyaa’s plans emerged following a disclosure from the Hong Kong Exchanges and Clearing Limited, which stated that the company will distribute notices regarding its crypto investment plans during an extraordinary general meeting (EGM). The relevant details are expected to have been supplied to shareholders on or before Nov. 30. The company has emphasized its intention to ensure transparency while adhering to listing rules throughout this process.Photo by Traxer on UnsplashDigital asset acquisition over a 12-month periodThe decision to delve into the world of cryptocurrencies aligns with Boyaa Interactive’s commitment to strengthening its presence in the evolving Web3 landscape, as highlighted by the company’s board of directors. The proposal outlines a comprehensive strategy to acquire the assets over a 12-month period, pending approval at the upcoming EGM.The planned acquisition involves allocating approximately $90 million equally between Ethereum and Bitcoin. The remaining $10 million is earmarked for stablecoins Tether (USDT) and USD Coin (USDC). Boyaa Interactive asserts that the actual acquisitions will depend on open market conditions, with a commitment not to pay premiums exceeding 10% of prevailing market prices. Funding for this initiative will be sourced from the company’s existing cash reserves.The board will play a crucial role in determining the specific cryptocurrencies to acquire, their allocation ratios and the optimal timing for purchase. The emphasis is on prudent risk management, aligning with Boyaa’s business development strategies.Diversification strategyThe company justifies its choice of Bitcoin and Ethereum by citing their alignment with its long-term development goals. In the document, Boyaa Interactive highlights the importance of investing in cryptocurrencies with robust market liquidity and substantial market values. Bitcoin, Ethereum, USDC, and USDT, chosen for their high market liquidity, align seamlessly with Boyaa’s strategic vision.In its stock exchange filing, it justifies these plans on the basis of a desire to diversify its holdings. The document reads:”[The] purchase of cryptocurrencies is also an important arrangement for the Group’s asset allocation, as allocating part of the Group’s idle reserve funds in cryptocurrencies can serve as a diversification to holding cash in treasury management, and a measure to balance investment risks and returns.”Growing asset acceptanceThe move into the cryptocurrency market comes at a time when institutional investors are increasingly flocking to major assets like BTC and ETH. Reports indicate significant inflows of institutional funds into these cryptocurrencies, setting the stage for what appears to be an extended bull market.Boyaa first showed an interest in holding crypto on its balance sheet back in August when it proposed allocating $5 million towards cryptocurrency investment. The company following up with a $100 million investment serves as a testament to the growing acceptance and integration of cryptocurrencies within mainstream business strategies.