OSL set to acquire Indonesia’s Evergreen Crest

Dubai-based crypto exchange Bybit said it will temporarily pause the onboarding of new users in Japan as it adjusts to regulatory changes under the country’s Financial Services Agency (FSA). In a statement released on Oct. 30, the company explained that the suspension is part of its effort to reassess compliance obligations and align with upcoming local standards. Starting Oct. 31 at 12:00 p.m. UTC, Bybit will no longer accept new account registrations from Japanese nationals or residents. The company added that the change will not affect existing customers, whose services will remain uninterrupted for now. The decision landed amid a shifting domestic policy backdrop. Policymakers at the FSA have been weighing the treatment of crypto assets under the Financial Instruments and Exchange Act, viewing digital tokens through the lens of investment products. Officials have pointed to sharp price volatility and cyber-theft risks as reasons to strengthen safeguards for depositors and insured individuals.Photo by Cosmin Georgian on UnsplashBanks and insurers face ban on crypto salesAccording to an Asahi Shimbun report cited by Yonhap News, the FSA is set to prepare a draft framework that would bar banks and insurance companies from selling crypto directly, while permitting sales through brokerage firms. The draft was said to be slated for submission to the regular Diet session next year. In order to preserve a level competitive field, the authority plans to allow securities arms of banks and insurers to distribute tokens, given that online brokerages already offer crypto exposure. The same report suggested that banks and insurers could be allowed to hold and manage crypto assets once adequate risk management systems were in place. Market developments have continued alongside the policy work. Reuters reported that a yen-pegged stablecoin called JPYC launched on Oct. 27, issued by a company of the same name and backed by domestic savings and Japanese government bonds. An earlier Nikkei article had signaled that regulatory approval was expected, leaving timing as the main open question until the debut. Economic stimulus at odds with rate hike talkBroader macroeconomic policy has also been in focus for crypto investors. Some analysts have argued that an economic stimulus package announced by Japan’s newly elected Prime Minister Sanae Takaichi could channel fresh capital into markets and, by extension, provide a tailwind for Bitcoin. On social media platform X, BitMEX co-founder Arthur Hayes suggested that additional government support for households and businesses might propel the largest cryptocurrency toward the $1 million mark. Monetary policy remains a counterweight. The Bank of Japan kept its benchmark rate at 0.5% on Oct. 30, which led to a weaker yen and boosted demand for government bonds. According to Reuters, Governor Kazuo Ueda indicated that wage trends would guide the next step, leaving open the possibility of a rate increase as early as December. Higher interest rates typically raise borrowing costs and can damp risk appetite, dynamics that often weigh on speculative assets such as cryptocurrencies. Investors are watching how Japan’s evolving rulebook, fiscal support, and cautious monetary tightening intersect—and how that mix ultimately shapes crypto participation and pricing in one of Asia’s most closely observed markets. 

According to a report published on March 31 by Nikkei, a Tokyo-based financial news outlet, the Japanese authorities are gearing up to categorize digital assets as financial products, while in the process broadening the scope of insider trading restrictions. While the publication didn’t cite a particular source, it reported that the Japanese Financial Services Agency (FSA) is expected to file a draft amendment related to the existing Financial Instruments and Exchange Act in 2026.Photo by M.S. Meeuwesen on UnsplashFrom payment to investment productCurrently, Japan’s Payment Services Act categorizes crypto assets as a means of settlement. That categorization looks at these assets from the perspective of a payment tool rather than considering them as investment products. The move is understood to be part of a broader effort to copper-fasten crypto sector oversight. Earlier this month, the Japanese cabinet approved a proposal that seeks to amend the Payment Services Act.  At the time, it had been suggested that the amendment would look to exclude crypto assets from being classified as securities, while also bringing about a reduction in the capital gains tax rate as it is applied to digital assets. It’s likely that crypto assets will find themselves in a distinct category, apart from securities like stocks and bonds. Crypto adoptionActivity related to crypto assets has been growing in Japan. 7.34 million active accounts were found to be responsible for crypto transactions in Japan in January. That amounts to a tripling in such crypto transaction activity over the course of five years. Japan enjoyed greater adoption at a very early stage in the global development of crypto. However, following the Mt. Gox crypto exchange collapse in 2014, which at the time accounted for the loss of 7% of Bitcoin’s supply, regulators responded by clamping down on the sector.  That situation led to greater investor protection for Japanese investors but it presented as a difficulty for Japan-based exchanges to compete globally with other exchange businesses overseas. A conservative stance taken by the FSA has also held back crypto exchange-traded fund (ETF) approval and adoption. Bitcoin ETFs were approved in the United States over a year ago. Earlier this month, Astar Network founder Sota Watanabe outlined that the current ruling party in Japan plans to remove crypto assets from a securities classification, alongside other changes which could potentially lead to the approval of crypto ETFs. The Liberal Democratic Party has also put forward crypto tax reforms that, if implemented, would see a 20% tax rate brought into effect where capital gains on digital assets are concerned.The finer detail with regard to the nature of insider trading restrictions as they will be applied to crypto assets has yet to be revealed. Nikkei speculated that such restrictions would likely be similar to those applied to conventional financial products. Last week, the Asia Web3 Alliance Japan, a crypto advocacy group, put forward a proposal to the U.S. Securities and Exchange Commission (SEC) that, if implemented, would see collaboration between the U.S. regulator and Japan’s FSA, its central bank and the Ministry of Economy, Trade and Industry. The objective of the proposal is to bring about cross-border regulatory clarity related to the further development of the Web3 ecosystem in both Japan and the U.S.

Com2uS Platform, a subsidiary of South Korean game publisher Com2uS Holdings, yesterday revealed its plan for a non-fungible token (NFT) airdrop. This event is part of a celebration marking the one-year anniversary of its rebranded NFT marketplace, known as X-PLANET.Popular intellectual propertiesThe NFT marketplace underwent a rebranding in March of last year, aiming to improve its integration with Com2uS' XPLA blockchain mainnet. Named X-PLANET, the platform is envisioned as a new planet where users can "explore" and "play." By November 2023, it had become the top revenue-generating local NFT marketplace, thanks in part to popular intellectual properties like the B.O.P Universe and Choushinsei Flashman. The B.O.P Universe draws inspiration from Bung O Pang Tycoon, a mobile game centered around baking pastries, while Choushinsei Flashman is a 1980s Japanese TV series known for its live-action superheroes.NFT airdrop eventTo mark the first anniversary of its rebranding, X-PLANET is hosting an NFT airdrop event on its official website. The event kicked off on March 21 and will have another round on April 4, at 6 p.m. KST, when 365 "Lucky Star" NFTs will be made available on a first-come, first-served basis. Owners of NFTs bearing lucky numbers will have the chance to earn double points during a B.O.P Universe event, which continues until April 14.  Additional benefits are in store for those purchasing NFTs for the first time and those visiting X-PLANET’s Discord channel. Moreover, participants who spread the word about the anniversary event and the B.O.P Universe contest on social media will be entered into a draw for a chance to win a coffee coupon.Photo by Andrey Metelev on UnsplashNFT marketplace and blockchain ecosystemLee Luda, the Head of the Web3 Platform Business Division at Com2uS Platform, highlighted that the recent event was designed to show gratitude to X-PLANET users who have shown their support since the platform's rebranding. Lee further stated that as the NFT marketplace representing the XPLA ecosystem, X-PLANET is committed to evolving into a user-friendly platform. Their goal is to create an environment that not only adds value but also provides entertainment, making it a welcoming space where anyone can participate and enjoy. Recognized for its straightforward user interface and efficient trading system, X-PLANET has been introducing a collection of valuable NFT works across various domains, including art, games and K-pop. The NFT marketplace is actively pursuing collaborations with talented artists and prominent organizations to bring meaningful NFT content to its users.