Crypto fund manager secures capital markets license in Singapore

Flybit’s Bug Bounty Program to Strengthen Its Crypto Exchange SecurityKorea Digital Exchange, the operator behind South Korean cryptocurrency exchange Flybit, announced the launch of a bug bounty program aimed at rewarding individuals who identify vulnerabilities in the trading platform’s security infrastructure.Photo by Sergi Kabrera by UnsplashWhite Hat Together initiativeThe inception of this bug bounty program was made possible through Flybit’s involvement in the White Hat Together initiative, which involves the active engagement of the government, enterprises, and citizens. This initiative is hosted by digital service company CJ OliveNetworks in collaboration with the Korea Internet and Security Agency (KISA) and bug bounty platform Find The Gap. Its objective is to reassess the security of Flybit’s services and proactively address weak points within the system.Flybit intends to seize this opportunity to enhance its information protection capabilities, with a commitment to safeguarding user assets and ensuring a reliable trading environment.Recognition for information protectionFlybit is the sole non-fiat crypto exchange in the country that has successfully attained Personal Information and Information Security Management System (ISMS-P) certification as well as ISO 27001 and ISO 27701 certifications. It’s important to note that, in Korea, crypto trading platforms are legally mandated to obtain real-name accounts from banks to facilitate the deposit and withdrawal services of Korean won. Platforms lacking real-name bank accounts are prohibited from supporting trading denominated in Korean won.Additionally, in May, Flybit participated in information protection disclosure and was subsequently certified by KISA as an outstanding company for its investments in information protection.

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.

Planetarium Labs opens pre-registration for Nine Chronicles MWeb3 gaming company Planetarium Labs is set to release Nine Chronicles M, the mobile version of its popular game Nine Chronicles, on Nov. 22 at 2 a.m. UTC, accompanied by a global pre-registration event that will run from now until Nov. 21.Photo by Priscilla Du Preez 🇨🇦 on UnsplashNine Chronicle M is a fully on-chain open-source massively multiplayer online role-playing game (MMORPG) — the first of its kind — set against the backdrop of Norse mythology. The PC version of the game has been in development since 2020 and has consistently topped the ranks of dapp store DappRadar’s blockchain game listings with more than 200,000 users worldwide.Bringing Web3 to gamers worldwide“Through this mobile release, users will be able to enjoy Nine Chronicles anywhere at any time,” said Kim Jae-seok, CEO of Planetarium Labs. “We expect to introduce the Web3 experience with an approach that is familiar even to ordinary gamers who are not familiar with blockchain technology by supporting in-app purchases on Google Play and Apple’s App Store.”The pre-registration event will be open to participants all over the world in regions like East Asia, Southeast Asia and Europe. Participants will be eligible to receive various rewards, including up to 10,000 units of the in-game currency Nine Chronicles Gold (NCG), which can be used to purchase in-game items or staked to earn additional rewards. The event will also offer diverse benefits to attract a larger user base through activities such as the Gacha Workshop, which when unlocked presents free rewards like NCG and rare costumes.To overcome the currency exchange-related roadblocks that tend to stand in the way when releasing Web3 games in Korea, Nine Chronicle M’s Korean release will exclude the bridge function that moves NCG to the Ethereum network.High hopes“Nine Chronicles M can play a crucial role in promoting widespread Web3 adoption and is expected to grow as one of the representative games in the idle RPG genre,” said Alan Lau, Chief Business Officer of Animoca Brands, a blockchain firm that invested $32 million in Planetarium Labs during their Series A funding round.