Mudrex to introduce U.S. spot Bitcoin ETFs to Indian investors

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 disclosed 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, 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 recently 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.” 

Hong Kong court grants trademark injunction against HuobiThe Hong Kong Special Administrative Region High Court has resolved a trademark dispute between X-Spot Global Limited and Huobi Global Limited, ruling in favor of X-Spot.Back in June, X-Spot alleged that Huobi Global infringed on its trademark rights related to the “Huobi” name. In the legal process which followed, the court sided with X-Spot, compelling Huobi Global to cease using the “Huobi” trademark or any similar name or logo in Hong Kong.Photo by Tingey Injury Law Firm on UnsplashPotential confusionThe court’s official judgment highlighted concerns about potential confusion among the public and industry professionals arising from Huobi Global’s use of the “Huobi” trademarks. It emphasized that such confusion could lead people to believe that X-Spot Global, as the registered trademark owner, is actively engaged in cryptocurrency business associated with the trademark. In response, the court dismissed Huobi Global’s plea to revoke the service order and halt negotiations, also instructing the covering of X-Spot Global’s legal expenses.Post-acquisition conflictThe background to this dispute originates in the acquisition of Huobi Global last year. It’s widely believed that TRON blockchain network founder Justin Sun purchased the exchange for $1 billion although Sun has subsequently suggested that he is just an advisor to the crypto exchange business. The acquisition was made by About Capital Management, an entity associated with the controversial crypto entrepreneur.In May of this year, Sun claimed that Wei Li, a brother of Huobi founder Leon Li, had unjustly profited from the sale of Huobi’s native HT token. The disagreement escalated and as a consequence of that conflict, it became apparent that the acquisition agreement explicitly prohibited the buyer from using the “Huobi’’ trademark.Leon Li accused the cryptocurrency exchange of violating the acquisition agreement’s rules by unauthorized use of the “Huobi” trademark. This legal battle has shed light on the strained relationship between Leon Li and Justin Sun.The court’s decision adds a layer of complexity to Huobi Global’s legal challenges, intensifying existing regulatory issues. Notably, the cryptocurrency exchange is already grappling with a recent order from Malaysian authorities to cease operations in the country due to alleged illegal activities.The ruling comes at a critical juncture for Huobi Global. In September the business rebranded to HTX, signaling aspirations for global expansion amidst a shifting legal landscape. At the time, Justin Sun provided the rationale behind the rebrand. Taking to the X social media platform, he wrote:“It’s very hard for foreigners, Westerners, to pronounce ‘Huobi’… It doesn’t make any sense to them.” Sun went on to explain that the word Huobi means fire and coin in Chinese, adding, “That’s why we rebranded as HTX for international branding.”In light of this trademark infringement injunction decision, it could equally be speculated that the company was acting in advance of an unfavorable ruling in compliance with the terms of the business acquisition agreement.In reaching a decision on the matter, Judge Mimmie Chan J noted the lack of a defense mounted by Huobi against the trademark infringement action.

Crypto.com Scores MPI License in SingaporeIn a significant move for the Web3 industry, the Monetary Authority of Singapore (MAS) has granted online crypto trading platform, Crypto.com, a Major Payment Institution (MPI) license. This regulatory development showcases Singapore’s commitment to welcoming innovation and embracing the potential of the Web3 sector.Photo by Timo Volz on PexelsLicensing milestoneCrypto.com made the exciting announcement on Thursday, revealing that it has received the MPI license from the MAS, the country’s central bank and financial regulator. With this license in hand, Crypto.com can now provide its Digital Payment Token (DPT) services to residents of Singapore.This achievement follows the in-principle approvals granted to Crypto.com by the MAS in June of the previous year, further highlighting the company’s adherence to regulatory standards and its dedication to operating within the guidelines set by financial authorities.Community reactionThe news of the license has garnered positive reactions within the crypto community. Many members see the Singaporean government’s decision as a significant endorsement of the Web3 industry. ‘Aravind,’ a Twitter user, expressed this sentiment, stating, “Singapore government giving out a license is itself a massive plus for the Web3 Industry,” adding that it's probable the process to obtain the license has been hard fought, and likely two years in the making.Interestingly, another community member drew comparisons between Crypto.com’s successes and the challenges faced by global crypto exchange, Binance. While Binance has encountered difficulties in various jurisdictions, Crypto.com has been praised for its steady progress and forward-looking approach.Yet another Twitter user chimed in along similar lines, stating: “Whilst Binance seems to be losing ground, Crypto.com seems to be slowly doing things right and building for the future.”Binance has recently faced setbacks, such as its diminishing presence in the Australian and Canadian markets and trading restrictions imposed in certain European countries. Reports have even surfaced suggesting that Binance plans to lay off 20% of its staff in June.However, it’s important to note that Binance has not given up, as evidenced by its recent expansion into Thailand, where it established a regulatory-compliant platform. The exchange has also taken steps to ensure compliance in Japan through the creation of another regulatory-compliant platform.Additional licensesCrypto.com has set up its headquarters in Singapore, and it is in good company there with leading crypto firms Kraken and Coinbase also maintaining offices in the city state. The company has taken a truly global strategy, having marketed heavily in recent years. It maintains offices in nine other locations, including Miami, Dublin, London, Seoul, Malta, Sofia, Hong Kong and Shenzhen, as well as Kadıköy in Turkey.The crypto trading platform has received a Minimal Viable Product (MVP) preparatory license from the Virtual Assets Regulatory Authority (VARA) in Dubai, alongside firms like Komainu, Hex Trust, and GC Exchange. The company has also successfully pursued digital asset licensing in France, Australia, and the United Kingdom.Crypto.com’s acquisition of the MPI license in Singapore marks a significant milestone for the company and the broader Web3 industry. With Singapore embracing innovation and offering a favorable regulatory environment, Crypto.com is well-positioned to continue its growth and contribute to the advancement of the digital payment token ecosystem.