Top

Japan Exchange Group weighs tougher scrutiny of crypto treasury firms

Policy & Regulation·November 17, 2025, 2:50 AM

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.

https://asset.coinness.com/en/news/095f30c9e8b781a942ad2fe2f98a5791.webp
Photo by Su San Lee on Unsplash

Metaplanet responds to regulatory concerns

Following 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 outlook

The 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. resistance

Beyond 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.

More to Read
View All
Web3 & Enterprise·

Nov 16, 2023

Korean pro female golfers to compete in WEMIX golf tournament this weekend

Korean pro female golfers to compete in WEMIX golf tournament this weekendThe world’s first blockchain-assisted golf tournament, WEMIX Championship 2023, will take place this weekend at the Haeundae Beach Golf and Resort in Busan. 24 female golfers from the Korea Ladies Professional Golf Association (KLPGA) — including the top 20 who earned the most WEMIX points during the preliminary Race to WEMIX Championship — are set to compete.Photo by Mick De Paola on UnsplashBringing blockchain to sportsNotably, blockchain technology is incorporated into all aspects of the tournament. This includes dynamic Real World Event NFTs that are available via NFT Is Life Evolution (NILE), Wemade’s decentralized autonomous organization (DAO) and NFT platform. These NFTs come in two categories: “ticket NFTs,” which function as admission tickets and food or parking vouchers for spectators, and “prize NFTs,” which contain WEMIX token awards for tournament winners. The total prize budget is one million WEMIX, or approximately KRW 2.4 billion ($1.9 million) as of 4:30 p.m. on Thursday (local time). The first-place winner will receive 250,000 WEMIXThe tournament venue will also have a Gallery Plaza with various activities and showcases for visitors to enjoy, like exhibitions for Volvo’s newest vehicles, photo zones and putting games. The food and beverage zone will serve BAYC-themed burgers from Californian burger brand Bored and Hungry, as well as beverages from Hide Me, Please, a Korean food and beverage NFT membership brand. BAYC is the globally renowned IP from the Bored Ape Yacht Club NFT collection.The competition’s top playersMeanwhile, the subject of many golfing enthusiasts’ interest is Im Jin-hee, the golfer who won the most WEMIX points during the Race to WEMIX Championship with 6,450 points. She secured 90,000 WEMIX for earning the top ranking, adding another personal achievement to her successful season this year. Coming in second and third place were Lee Ye-won and Kim Min-byeol. The final results of the competition were determined based on the golfers’ performances in the Lotte Rent-a-Car’s Ladies Open and the SK Shieldus-SK Telecom Championship.

news
Policy & Regulation·

Apr 27, 2023

US Sanctions Chinese for Enabling Crypto Money Laundering

US Sanctions Chinese for Enabling Crypto Money LaunderingIn a press release published earlier this week, the Office of Foreign Assets Control (OFAC) within the Department of the Treasury in the United States, stated that it had sanctioned two Chinese nationals and a Hong Kong British national for allegedly having aided the North Korean government in crypto money laundering activities.©Pexels/RODNAE ProductionsThe Americans claim that the funds are the proceeds of cyber crime with the laundered money in turn being used to support the Democratic People’s Republic of Korea (DPRK) regime, including its ballistic missile and weapons programs.Illicit OTC crypto tradesThe three OFAC-sanctioned individuals are Wu Huihui (Wu), Cheng Hung Man (Cheng) and Sim Hyon Sop (Sim). Wu is an over the counter (OTC) cryptocurrency trader based within China. OFAC claims that he has facilitated the conversion of millions of dollars worth of stolen digital assets into fiat currency at the behest of a North Korean cyber-crime syndicate.In 2009 OFAC sanctioned a small North Korean bank, Korea Kwangson Banking Corp. (KKBC). At the time, the agency claimed that KKBC had extended financial services to previously designated North Korean banks including Tanchon Commercial Bank and Korea Hyoksin Trading Corporation. Fourteen years on, OFAC has now identified Sim as a facilitator of KKBC money laundering schemes. OFAC claims that Sim represented the sanctioned bank, and in the process, he was the recipient of millions of dollars worth of cryptocurrency.Overseas earningsThe agency claims that the source of this money was the earnings of North Korean IT workers who had worked overseas, including within the United States. The North Korean regime has pursued a strategy of sending workers into employment overseas in an effort to raise capital in harder currency.Like Wu, Cheng was also identified as an OTC cryptocurrency trader. It’s understood that Cheng collaborated with Wu, and employed a series of shell companies in order to convert cryptocurrency into fiat money.Blockchain data analysis firm Chainalysis has researched the topic based upon the OFAC and Department of Justice data and information. That analysis has revealed that the North Korean hackers and cyber-crime facilitators make use of cryptocurrency mixers such as Tornado Cash and Sinbad. While other illicit entities utilize these crypto mixers which attempt to obfuscate the origin of digital assets, Chainalysis’ research suggests that the North Korea-affiliated actors use mixers to a far greater extent than others.Reward offeredIt’s understood that the US authorities indicted a fourth person who remains unknown beyond his/her online moniker, “live:jammychen0150.” Properties in the United States connected with the three known individuals have been frozen. The State Department has also outlined its willingness to provide a reward of up to $5 million for any information that leads to the arrest or conviction of Sim. Furthermore, rewards of $500,000 each are being offered relative to the apprehension of two of Sim’s associates, Han Linlin and Qin Gouming.In a statement, Department of Justice Criminal Division Assistant Attorney General Kenneth Polite Jr. said that “the North Korean operatives have innovated their approach to evading sanctions by exploiting the technological features of virtual assets to facilitate payments and profits, and targeting virtual currency companies for theft.”

news
Web3 & Enterprise·

Jun 15, 2023

FPG Halts Withdrawals Following Hack

FPG Halts Withdrawals Following HackFloating Point Group (FPG), a prominent crypto prime brokerage platform, has temporarily halted trading, deposits, and withdrawals following a cyber security incident that occurred on Sunday.Photo by Thom Milkovic on UnsplashIncident responseFPG, headquartered in Singapore while maintaining a base in Hoboken, New Jersey in the United States, manages over $50 billion in assets. The firm took immediate action upon discovering the incident by engaging third-party forensics experts and law enforcement agencies.The company acknowledged the problem publicly via a tweet thread on Twitter on Wednesday. FPG stated that the company has locked all third-party accounts and secured its wallets while it investigates the extent and details of the breach. Although the full extent of the loss is still under investigation, the current estimate stands at approximately $15 million to $20 million in lost cryptocurrencies.Investigative cooperationIn response to the incident, FPG is collaborating with the FBI, the Department of Homeland Security, regulatory bodies, and Chainalysis to comprehend the nature of the attack and initiate asset recovery measures. As the investigation involving those entities is ongoing, specific details are not being disclosed at this stage, but FPG has pledged to provide updates as new information becomes available.The cyber security incident comes six months after FPG obtained a SOC 2 certification, which verifies the implementation of robust security, privacy, and control measures by service organizations to ensure the reliable handling of sensitive data and systems.Originally founded in 2018 at the Massachusetts Institute of Technology (MIT) in the US, FPG functions as both a crypto prime brokerage platform and an agency trading desk for asset managers, offering access to liquidity across various markets. In December, FPG announced that its blockchain foundation customers accounted for 5% of the total treasury management market.Backed by prominent investors such as Coinbase Ventures, Anthony Scaramucci of SkyBridge Capital, and Naval Ravikant, the founder of AngelList, FPG has raised a total of $12 million in funding thus far.In August of the previous year, FPG successfully registered as a virtual asset service provider (VASP) in the Cayman Islands. This registration ensured the secure custody of customer assets and safeguarded them from the company’s creditors in the unlikely event of bankruptcy.Broader crypto issuesIt has not been a good couple of weeks for the crypto sector relative to hacks and platform withdrawal pauses. Within the past twenty four hours, two Asia-based crypto lending platforms, Haru Invest and Delio, have suspended withdrawals. In those cases, the issue is suspected to relate to platform contagion and solvency issues.Earlier this month, the Atomic Wallet platform was hacked despite the understanding that the project offered self-custodial wallets. Originally, the loss was estimated at $35 million, but more recent reports are now estimating that figure to be in excess of $100 million.As FPG continues its efforts to mitigate the aftermath of the cyber attack, industry participants eagerly await further updates and measures undertaken by the company to recover from this incident and restore trust among its clients.

news
Loading