Indian Supreme Court Scolds Government over Crypto Regulation Delay

Singaporean VC Pledges Funding for Web3 AcceleratorSingaporean crypto investment venture capital firm, Foresight Ventures, has committed to doubling down on funding a Web3 Accelerator.Back in November, the firm launched Foresight X, a Web3-focused incubator program. At the time, it committed to allocating $10 million to be divided between three categories of Web3-centric projects and collaborations. Fast forward six months and the firm is now committing to stump up an additional $10 million in funding for the project.Categories include ecosystem projects, research grants, and an eight-week incubator program which was initially offered to thirty early-stage projects. In that initial funding round, start-ups were being supported with funding of $50,000, up to a maximum of $200,000.Photo by Shubham Dhage on UnsplashSecond phaseThe project is now entering its second phase, accepting applications once again from a new round of start-up applicants. In this instance, the focus will move towards Web3 projects with an emphasis on artificial intelligence (AI), zero-knowledge cryptography, bitcoin, non-fungible tokens (NFTs), machine learning, and liquid staking derivative products.With second-round funding, each selected project will be funded to the tune of $200,000 rather than the funding range of $50,000 to $200,000 employed on the first phase. Additionally, up to three mentors will be assigned to each successful applicant project. On top of that, one fund partner from Foresight Ventures will be assigned to each start-up in order to provide them with a steer towards growth and development. The program will culminate with a Demo Day, facilitating each project to showcase their service or product offering.Bitget partnershipFounded in 2020, Foresight Ventures has progressed in a short space of time, from having $80 million assets under management (AUM) to an AUM of $400 million today. The venture capital outfit is led by seasoned venture professionals with backgrounds in companies like Google, Bitmain and Sequoia Capital.Among its leading investments is SEI, the layer one blockchain project that is optimized for transaction speed and throughput. In April, the company committed $50 million towards SEIs $120 million ecosystem fund. In January, it invested $15 million in Singapore-based digital asset infrastructure and market making firm, CyberX.Last month the firm partnered with crypto derivatives trading platform Bitget in contributing towards its Asia-focused Web3 fund. Focused on funding outstanding Web3 projects in the region, Bitget has put together a $100 million fund. Foresight Ventures joined Dragonfly Capital, SevenX Ventures, DAO Maker and ABCDE Capital in expressing interest in investing in the fund, ultimately investing and partnering with Biget on the initiative.The firm has come a long way in a short space of time, signaling its intent in March 2022 when it committed to investing up to $200 million in Web3 start-ups and blockchain projects over the course of three years. Other key Foresight Ventures portfolio companies include Singapore-based digital assets financial services firm, Matrixport, and metaverse developer Everyrealm. Aside from its headquarters in Singapore, the firm also maintains a presence in Shanghai, allowing it the reach to cover crypto-related projects throughout the Asian region.

Japanese Bitcoin treasury firm Metaplanet has opened a U.S. subsidiary company in Florida while also issuing 3.6 billion Japanese yen ($24.7 million) in bonds for the purpose of buying more Bitcoin.Photo by Kanchanara on UnsplashAccelerating the Bitcoin strategyIn an announcement on May 1, the company outlined that it had established Metaplanet Treasury Corporation in Miami, Florida. The firm cited the purpose of the subsidiary as a means through which it can accelerate its overriding strategy of accumulating more Bitcoin. Metaplanet CEO Simon Gerovich commented on X on the rationale behind locating the U.S. subsidiary in Florida, stating:”The reason for choosing Florida is clear: the state is rapidly emerging as a global hub for Bitcoin innovation, corporate adoption and financial liberalization.” Gerovich added that the newly formed company will enhance Metaplanet’s “around-the-clock operational capabilities across time zones.” The Metaplanet CEO sees the development as part of the firm’s evolution as a global Bitcoin treasury company.  $250 million capital raiseThe company stated that it had already established a corporate entity in the British Virgin Islands (BVI), with the U.S. addition enhancing the company’s ability “to respond to market dynamics with speed and precision.”  Metaplanet intends to raise $250 million in funding through the Miami-based entity, having launched it with initial capital of $10 million. It’s envisaged that the U.S. subsidiary can act as a vehicle to attract institutional investment.  Back in March it was reported that Metaplanet was investigating the idea of listing its stock in the U.S. At the time, Gerovich stated that the firm was “considering the best way to make Metaplanet shares more accessible to investors around the world.” As part of that process, Gerovich met with officials from the New York Stock Exchange (NYSE) and the Nasdaq.  In further U.S.-related developments, the company appointed Eric Trump, second son of U.S. President Donald Trump, to its strategic board of advisors in March. Last week, Metaplanet appointed David Bailey, CEO of Bitcoin Magazine, to its strategic board of advisors. Bond issuanceIn a separate development, Metaplanet has issued 3.6 billion Japanese yen ($24.7 million) in 0% ordinary bonds to purchase additional Bitcoin. The company used its EVO FUND as the mechanism through which it issued the bonds.  It has set out a goal of accumulating 10,000 BTC by the end of the year. Currently, the company holds 5,000 BTC. One community member believes that Metaplanet could hit this target as early as July on the basis of ongoing share dilution.Appearing on The Bitcoin Treasuries Podcast earlier this year, Metaplanet’s Director of Bitcoin Strategy, Dylan LeClair, described how prior to adopting its Bitcoin treasury strategy in 2024, the firm was a “zombie” on the Tokyo stock exchange with the pandemic having had a negative impact on the company’s fortunes.  He outlined that the company consolidated and dealt with some debt issues, but at that point it lacked a clear strategy. It then set out to replicate the success of U.S. Bitcoin treasury pioneer, Strategy (formerly MicroStrategy). On May 1 Gerovich posted on X that the company had achieved unrealized gains on Bitcoin exceeding six billion yen ($41.68 million). 

Korea invites distinguished financial officials to discuss digital moneyThe Bank of Korea (BOK), South Korea’s central bank, announced on Friday (local time) its participation in an international conference focused on the economic impact and future prospects of digital currencies. This event, co-hosted by the BOK, the Ministry of Economy and Finance (MOEF), the Financial Services Commission (FSC), and the International Monetary Fund (IMF), is scheduled to take place in Seoul on Dec. 14 and 15.The conference, titled “Digital Money: Navigating a Changing Financial Landscape,” is set to welcome high-ranking officials such as Kristalina Georgieva, the Managing Director of the IMF; Choo Kyung-ho, the Minister of the Ministry of Economy and Finance (MOEF); Rhee Chang-yong, the Governor of the Bank of Korea (BOK); and Kim So-young, the Vice Chairman of the Financial Services Commission (FSC). This event is particularly significant as it marks the first visit of IMF head Kristalina Georgieva to South Korea.Photo by pan zhen on UnsplashCrypto, stablecoins, CBDCsDuring the conference, MOEF Minister Choo and FSC Vice Chairman Kim will kick off the event with welcome remarks, followed by a keynote speech from IMF’s Managing Director, Kristalina Georgieva. Spanning over two days, the conference will include seven sessions, covering a diverse range of topics. These sessions will delve into various aspects of digital money, such as practical use cases of digital currencies, regulatory approaches to cryptocurrencies, and discussions on stablecoins and central bank digital currencies (CBDCs).The conference will feature prominent financial officials in both its opening and closing sessions. On the first day, Thursday, a distinguished panel, including IMF Chief Georgieva; Stefan Ingves, the former Governor of Sveriges Riksbank; FSC Vice Chairman Kim; David E. Rutter, the Founder of R3; and Shin Hyun-song, the Economic Adviser at the Bank of International Settlements (BIS), will discuss the opportunities and challenges facing digital money.The final session on Friday will see another group of high-level financial authorities sharing their expertise and insights. This session will include BOK Governor Rhee; Eddie Yue, the Chief Executive of the Hong Kong Monetary Authority; Serey Chea, the Governor of the National Bank of Cambodia; and Veerathai Santiprabhob, the former Governor of the Bank of Thailand. Their discussion will focus on regulatory policies surrounding digital currencies.Live-streaming scheduledThe two sessions of this conference will be accessible to a global audience as they will be live-streamed on the BOK’s official YouTube channel. This provides an opportunity for interested individuals from around the world to tune in and gain insights into the evolving landscape of digital money and its regulatory environment.