Kakao Games affiliate Metabora Singapore announces partnership with Oasys

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.

Hong Kong-based digital asset financial services firm HashKey Group has announced its intention to list its platform token, HSK, in Q3 2024. HSK tokenomicsThe company set out details of the HSK listing via a series of posts on the X social media platform. The HSK token is based on the Ethereum ERC-20 token standard. Total token supply will be capped at one billion, 65% of which will be allocated towards ecosystem growth. The team will be incentivized by the allocation of 30% of the supply while 5% will be held back in a reserve fund.  Regarding the token’s burning mechanism, HashKey revealed it retains the discretion to repurchase up to 20% of net profits from specified businesses and subsequently burn the acquired tokens from the total supply.Photo by Zoltan Tasi on UnsplashAirdrop imminentIn a statement shared with The Block, HashKey Group detailed that HSK will be integrated across its various products and applications. The community airdrop, launching in late June, aims to encourage user participation. The company stated:“HSK is scheduled to launch a community airdrop through HashKey's core businesses in late June, encouraging users to contribute to community building.” The company believes that HSK will incentivize ecosystem contributors when it comes to development of its layer-2 ecosystem chain, the HashKey Chain. That incentive structure, the company maintains, will result in contributors “providing robust support,” while acting as a “driving force for on-chain users and assets.”  Integration with external ecosystemsThe firm outlined that the HSK token is designed to integrate with external crypto ecosystems so as to best facilitate synergy between internal and external collaborations. HashKey Group boasts a comprehensive Web3 ecosystem, inclusive of infrastructure, middleware, AI, DeFi, GameFi and the Metaverse. HashKey Group’s core businesses include HashKey Capital, HashKey Tokenisation and HashKey NFT. It also operates HashKey Exchange, a licensed cryptocurrency exchange in Hong Kong, with the exchange business having reached a $500 million assets-under-management (AUM) milestone earlier this month.  HashKey Cloud, a Web3 infrastructure provider, formed a strategic partnership with the Aptos Foundation last month with a view towards progressing projects relative to decentralized identity (DID) and security token offerings (STOs). HashKey Global, a global exchange launched in April, has risen to ninth spot in terms of overall crypto exchange trading volume. In January, HashKey Group announced that it raised nearly $100 million in its Series A financing round, achieving a pre-money valuation above $1.2 billion. In September, the investment arm of the company, HashKey Capital, launched a $100 million fund focused on altcoins.

Blockchain security audit firm Verichains has joined as one of WEMIX’s 40 WONDERS, or Node Council Partners (NCP), on the WEMIX3.0 blockchain, according to an official announcement on Tuesday (KST).Photo by Shubham Dhage on UnsplashEmpowering community governanceThe 40 WONDERS make up a governance council that represents the interests of the WEMIX community by participating in on-chain voting processes for improving or changing WEMIX3.0’s protocol. They are also responsible for validating transactions and operating nodes on the mainnet to boost and maintain its integrity and security. Each member gets to choose their own WONDER number, and Verichains has joined as WONDER 12. Securing the Web3 frontierVerichains is a leading provider of blockchain security services, specializing in crypto analytics, security audits and application protection. Recognized for its participation in investigating and mitigating some of the most notorious hacks to date in Web3 history, such as the Ronin Bridge and BNB Chain Bridge hacks, the company merges groundbreaking research with practical security solutions to deliver comprehensive protection solutions catered to the blockchain industry. Verichains’ world-class security and cryptography research team has successfully identified critical vulnerabilities across the industry capable of causing disruptions worth billions of dollars through key actions like uncovering flaws within Multi-Party Computation (MPC) and Zero-Knowledge Proofs (ZKP) mechanisms developed by major vendors. As a trusted security partner to leading Web3 companies and cryptocurrency exchanges like BNB Chain, Polygon Labs, Aptos, Klaytn, Bullish, DWF Labs and now WEMIX, Verichains leverages its background and expertise in traditional cybersecurity to be translated into the upcoming Web3 era, delivering cutting-edge solutions for a safer, more secure Web3 ecosystem. The firm’s participation as an NCP is poised to boost the security and stability of the WEMIX platform, laying the necessary groundwork for fostering the expansion of the WEMIX ecosystem. Ubisoft’s recent joiningAside from Verichains, global gaming company Ubisoft also joined the council as WONDER 26. Ubisoft is known for world-renowned games like Assassins’ Creed, Just Dance, Far Cry and Watch Dogs, and has been developing a new game called Champions Tactics, built on the Oasys blockchain.