Korean Democratic Party to urge FSC to change its stance on spot BTC ETF

CoinGecko Report Points to Q3 Market ContractionThe third quarter of 2023 was marked by a significant market downturn and market cap contraction. That’s one of a number of findings in a Q3 crypto industry report compiled by Malaysian cryptocurrency ranking platform CoinGecko.Photo by Kanchanara on UnsplashMarket cap contractionThe company released its latest research on Tuesday. In mid-August, Bitcoin (BTC) witnessed a sudden drop from approximately $29,000 to around $26,000, leading to a dip in the total cryptocurrency market capitalization from $1.2 trillion to $1.1 trillion.The total crypto market capitalization recorded a nearly 10% decline, amounting to a drop of $119.1 billion. Since reaching its local peak on April 17, the total market capitalization has experienced a decline of 16.3%.Notable shifts in the top 30 cryptocurrencies include Solana (SOL) climbing to #7, TrueUSD (TUSD) rising to #19, Litecoin (LTC) falling to #14, Avalanche (AVAX) dropping to #22, and Binance USD (BUSD) sliding to #27.Stablecoin shrinkageThe top 15 stablecoins saw a 3.8% decrease in market capitalization during Q3 2023, reaching $121.3 billion. Tether (USDT) maintained its market cap during this period. USD Coin (USDC) experienced the largest absolute loss at -$2.26 billion (-8.3%), while Binance USD (BUSD) faced the most significant percentage decline of -45.3%, amounting to a drop of -$1.87 billion. TrueUSD (TUSD) was the sole gainer among the top 5, with a 12.8% increase in market cap.NFT trading volume cut in halfTrading volume for NFTs declined by 55.6%, dropping from $3.67 billion in Q2 to $1.63 billion in Q3. Ethereum maintained its dominance, accounting for 83.2% of the NFT market during Q3. ImmutableX NFTs, driven by trading card game Gods Unchained, experienced a strong Q3, with a market share increase from 2.1% in Q2 to 3.9% in Q3.Continued growth for RWAsThe Real World Asset (RWA) sector has continued to grow in 2023, with tokenized US treasury bills gaining popularity. The market cap for these tokenized T-bills increased from $114.0 million in January 2023 to $665.0 million by the end of September, marking a 5.84x gain. Traditional financial institutions led the way, with American asset manager Franklin Templeton controlling almost half of the overall market share, followed by Ondo Finance at 27%. Ethereum held 49% of the market cap share, while Stellar followed closely behind with 48%.Spot DEX and CEX trading volume downIn Q3, spot trading volume on the top 10 decentralized exchanges (DEX) totaled $105 billion, a 31.2% drop from Q2. THORchain experienced a significant gain in volume, though this was partially attributed to illicit transfers.Spot trading volume on the top 10 centralized crypto exchanges (CEX) amounted to $1.12 trillion, a decrease of 20.1% compared to Q2. Binance’s market share dropped to 44%, facing regulatory pressures and significant executive departures. Among the Asian exchange platforms, HTX, previously known as Huobi, secured the third spot with an 8% market share. Only Upbit and Bybit saw gains, while Kucoin was edged out of the top 10.While Q3 may not have been the most positive industry quarter recently, things are looking a lot more promising as Q4 develops, with Singapore-based digital assets financial services platform Matrixport predicting a bitcoin unit price of $45,000 by year end.

Japanese Prime Minister Shigeru Ishiba announced his resignation on Sept. 7, citing completed trade talks with the United States and growing dissent within the ruling Liberal Democratic Party (LDP). While the political transition follows the party’s defeat in July’s upper house elections, Ishiba’s departure also creates uncertainty for Japan’s crypto and Web3 agenda, which he had championed. Just two weeks earlier, at the WebX2025 event, Ishiba pledged stronger state backing for Web3 initiatives, noting their potential for addressing Japan’s demographic challenges and driving long-term economic transformation. He highlighted token-based community governance pilots, integration of Web3 at the Osaka Expo, and a five-year startup growth plan centered on digital industries. His exit now raises questions about whether these priorities will carry the same weight under new leadership.Photo by taro ohtani on UnsplashLeadership contest brings policy uncertaintyPotential successors signal diverging approaches. As per a BeInCrypto report, former Economic Security Minister Sanae Takaichi, who topped an August Nikkei approval survey with 23% support, is regarded as favoring tighter oversight. Agriculture Minister Shinjiro Koizumi, in second place with 8%, has shown greater receptiveness toward digital assets. According to Bloomberg, Finance Minister Katsunobu Kato is also considered a contender. Earlier, he emphasized balancing investor protection with space for innovation, noting the rapid uptake of crypto among Japanese investors. The LDP is preparing for a leadership election on Oct. 4, with 295 lawmakers each casting one vote and an equal 295 votes allocated proportionally to the party’s 1.03 million members, for a total of 590 ballots. Until then, investors and industry players are watching for signals on whether Japan’s digital asset roadmap will remain a priority. Adoption advances beyond politicsBeyond politics, adoption is accelerating across Japan’s financial system. Japan Post Bank plans to tokenize deposits on a permissioned blockchain by 2026 using the DCJPY token developed by DeCurret DCP, a Mitsubishi UFJ–backed venture. With $1.29 trillion in deposits across 120 million accounts, the move could streamline settlement of tokenized securities. Corporate strategies are also shifting. Last month Tokyo-based game developer Gumi said it would acquire 2.5 billion yen ($17 million) worth of XRP between September 2025 and February 2026, following its earlier 1 billion yen ($6.8 million) Bitcoin purchase this year. The company described XRP as central to its expansion into international remittance and liquidity networks led by its largest shareholder, SBI Holdings. Japan’s crypto footprint abroad is growing as well. Coincheck, a leading exchange in Japan, is entering Europe through the acquisition of Aplo, a French-licensed digital asset brokerage. The deal follows Coincheck’s Nasdaq listing last year via its Netherlands-based holding company. 

Acquisition by SBI Subsidiary Part of European ExpansionB2C2, a cryptocurrency liquidity provider catering to institutional clients and a subsidiary company of Japanese financial services conglomerate SBI Holdings, has solidified its foothold in the digital assets market by completing the acquisition of Woorton, a prominent European market maker and over-the-counter (OTC) transaction specialist.Photo by Christian Lue on UnsplashMarket expansionIn a press release published to its website on Thursday, UK-based B2C2 outlined further details relative to the acquisition. The move represents an effort by B2C2 to broaden its client base and expand within the European market, ahead of the forthcoming regulations under the Markets in Crypto-Assets Regulation (MiCA).The acquisition opens doors for B2C2 to extend its services within the European Union (EU) jurisdiction. Additionally, it allows B2C2 to tap into growth opportunities beyond its existing strongholds in the United Kingdom, Asia-Pacific (APAC), and the United States.Licensing accessOne of the prime advantages of this acquisition is B2C2’s access to Woorton’s prestataires de services sur actifs numériques (PSAN) license, which is regulated by the Autorité des Marchés Financiers (AMF), the French financial regulatory authority. This license empowers B2C2 to operate seamlessly within the EU, positioning the company for a strategic advantage in the evolving regulatory landscape.As the UK is no longer part of the EU, this acquisition makes for a much easier entry point for the company into the broader European market.Founded in 2017, Woorton boasts an active clientele of nearly 250 entities engaged in trading 96 different cryptocurrencies. The company distinguishes itself by offering round-the-clock liquidity provision, ensuring uninterrupted trading opportunities for its clients.Woorton’s engagement with regulatory bodies is a key highlight, and the firm is a co-founding member of the Association for the Development of Crypto-Assets (ADAN). Through ADAN, Woorton actively contributes to shaping regulatory frameworks governing digital assets in France, bridging the gap between the industry and policymakers.Additionally, the company played a crucial role in establishing Paris Blockchain Week, an internationally recognized event that brings together thousands of attendees and speakers to discuss blockchain and digital asset trends.Charlie Meraud, CEO of Woorton, expressed excitement about the acquisition, emphasizing the complementary strengths of the two firms. Meraud highlighted the enhanced liquidity pool and improved market presence that the combined platform would offer to customers, ultimately leading to a superior liquidity and trading experience.B2C2’s CEO, Nicola White, described the acquisition as a significant milestone in the company’s growth journey. White expressed enthusiasm about the potential the acquisition unlocks for B2C2 and its EU-based clients, reaffirming the importance of regulatory standing and a robust client base.London baseEstablished in 2015 and primarily owned by SBI, B2C2 operates from its main headquarters in the UK, with operational offices in the US and Japan. Its UK-registered company B2C2 Ltd serves as the parent entity within the B2C2 group of companies.B2C2’s acquisition of Woorton not only enhances its presence within the European Union but also serves to demonstrate its intent in terms of regulatory compliance and industry leadership. This strategic move positions the company to navigate the evolving crypto market, likely leading to greater opportunities for its clients.