Coinbase Affirms Commitment to India Despite Disabling Sign-Ups

Public Confidence in Crypto Wanes in Hong Kong Amid JPEX ScandalThe development of cryptocurrency in Hong Kong has been dented in terms of public sentiment following the JPEX cryptocurrency exchange scandal, according to a recent survey conducted by the Hong Kong University of Science and Technology’s (HKUST) business school.Photo by Alex Plesovskich on UnsplashA two-phase survey methodologyThe survey, the preliminary results of which were disclosed by the business school on Tuesday, aimed to gauge how public attitudes toward virtual assets had been affected by the JPEX scandal, which rocked the crypto community within the Chinese autonomous territory.While the survey is set to conclude on October 20, the preliminary findings have already revealed a noteworthy shift in public perception. Notably, 41% of respondents expressed a preference not to hold virtual assets, marking a 12-percentage-point increase from the earlier study conducted in May.Moreover, only 20% of respondents indicated a desire to hold virtual assets in the future, reflecting a five-percentage-point decrease compared to the previous survey. These findings suggest a growing skepticism among Hong Kong’s populace regarding the cryptocurrency industry.Post-JPEX public sentimentThe initial survey involved 5,700 participants aged 18 and above and was conducted between April 24 and May 23. Phase two of the survey commenced on September 28, approximately 11 days after the allegations against JPEX came to light. The results were compared to a similar survey conducted between April and May to assess the evolving sentiment. Between September 28 and October 5, phase two of the survey had compiled responses from 2,200 individuals.HKUST acknowledged that the second survey occurred in the “aftermath of an alleged financial fraud” involving a cryptocurrency platform but refrained from directly naming JPEX in the report.Professor Allen Huang, Associate Dean of HKUST’s business school, attributed the shift in sentiment to the recent financial scandal, which thrust the cryptocurrency industry into the spotlight. This heightened attention has led to a “more conservative investment appetite” among the public. He emphasized the need for greater educational initiatives to enhance public awareness and understanding of the risks and potential of this emerging field.HKUST’s business school stated that the survey’s primary objective was to assess the attitudes and viewpoints of Hong Kong’s residents regarding virtual asset investments, considering their experiences, intentions, and the regulatory safeguards in place.JPEX falloutThe JPEX scandal, which allegedly involved a $166 million fraud scheme, unfolded over several months before Hong Kong authorities publicly announced their investigation into the exchange. It forced local regulators to reassess the soundness of crypto trading-related regulatory measures applied within the Chinese autonomous territory.That reassessment led to regulators concluding that efforts needed to be intensified to combat unregulated platforms operating within Hong Kong. In response to the JPEX saga, the Hong Kong Police Force and the Securities and Futures Commission (SFC) established a cryptocurrency-focused working group earlier this month to combat illicit activities on cryptocurrency exchanges.The evolving sentiment in Hong Kong reflects the broader challenges and concerns surrounding the cryptocurrency industry. As regulatory scrutiny increases and major incidents like the JPEX scandal come to light, it’s clear that fostering public trust and understanding is a pressing priority for crypto businesses and the broader crypto community.

Singapore-headquartered Bitcoin mining company Bitdeer has outlined a roadmap of chip development which will culminate in the introduction of its most energy efficient mining chip to date, the “SEAL04” chip. According to a press release published by the company on June 6, the company outlined that it wanted to be transparent in demonstrating its plans over the short to medium term in terms of research and development and technological advancement.Photo by Michael Förtsch on UnsplashIterative progressionThe starting point for its roadmap is the SEAL01 chip, which the company introduced in Q1 2024. That mining chip was engineered using a four-nanometer process technology. It was developed in collaboration with a semiconductor fabricator albeit that the company has not disclosed the identity of that fabricator. That chip weighed in at 18.1 Joules/Terahash (J/TH). The SEAL01 represents the company’s first release relative to its SEALMINER technology.  Bitdeer feels that providing guidelines for technology releases will better inform market participants, and that’s important given that uncertainty creates a major difficulty for those operating in the Bitcoin mining space.  With that, Bitdeer is projecting a Q3 2024 release for its SEAL02 miner, which will clock up between 15 and 16.5J/TH. SEAL03 is scheduled for Q4 2024, with an efficiency boost taking it to between 11 and 12J/TH. Finally, the SEAL04 is scheduled for release in Q2 2025. That chip is expected to have an energy efficiency range as low as 5.5-6J/TH. The two most critical factors for Bitcoin miners to stay competitive include the cost of energy and the level of energy efficiency achieved by the mining equipment that is being used. It’s believed that the roadmap will help in managing miners’ expectations relative to technological advancement.  Gearing up for a post-halving mining environmentTo develop the SEALMINER equipment series, Bitdeer outlined last March that it had “assembled an international team of professional engineers specializing in chip design, firmware, and hardware engineering.” At that time, the company suggested that the new range of mining equipment would allow it to assist the Bitcoin mining community “in seizing opportunities following the 2024 halving event.” Alongside its chip development roadmap, the company came to the industry’s attention earlier this week with stablecoin issuer Tether acquiring a 25% stake in the Singaporean mining equipment developer, according to a filing with the U.S. Securities and Exchange Commission (SEC). This acquisition makes Tether the second-largest shareholder in Bitdeer, behind Victory Courage Ltd., which is registered to Bitdeer CEO Jihan Wu. Wu, who co-founded Bitdeer and served as CEO of ASIC manufacturer Bitmain previously, was appointed as CEO of Bitdeer in January. The appointment was made so that Wu could oversee what was expected to be a period of rapid growth at the company. In the June 6 SEC filing, Tether Holdings Limited disclosed control over 23,587,360 BTDR shares. This significant increase in holdings stems from a private placement deal closed with Bitdeer last week, enabling the Bitcoin miner to secure $100 million in financing. The deal also includes a warrant allowing Tether to purchase up to 5,000,000 additional shares at $10.00 each over the course of the next year. Bitdeer plans to use the raised funds to expand its data centers, develop ASIC-based mining rigs and support other general corporate purposes.  

Japan’s cryptocurrency market has surged to become the fastest-growing in the Asia-Pacific region, driven by a government overhaul of its digital asset policies. On-chain transaction value jumped 120% in the year ending June 2025, according to a new report from Chainalysis. The expansion signals renewed activity in a market long characterized by its cautious approach. The Japanese government is increasingly open to crypto as a mainstream investment class through a series of reforms, including proposed friendlier tax laws and the licensing of regulated stablecoins, aiming to attract investment and foster a domestic Web3 industry.Photo by Daniel Hehn on UnsplashOverhauling a strict tax codeA central pillar of the reform is a proposed change to Japan’s tax code, which currently subjects crypto gains to rates of up to 55%, compared with a flat 20% on stock profits. The ruling Liberal Democratic Party is backing proposals to introduce the same 20% rate for crypto starting in fiscal 2026, along with rules that would allow investors to carry forward losses for up to three years. The measures, which require parliamentary approval, are intended to align digital assets more closely with traditional financial instruments. Uncertainty has emerged, however, with Prime Minister Shigeru Ishiba’s decision to resign. Ishiba has been supportive of the crypto industry, and the LDP’s leadership election on Oct. 4 could reshape the policy outlook. Sanae Takaichi is seen favoring tighter oversight, Shinjiro Koizumi more receptive to digital assets, and Finance Minister Katsunobu Kato stressing a balance between investor protection and innovation. Paving the way for a stablecoin eraThis political transition coincides with a shift in the Japanese market, which remains heavily concentrated in just a few assets. Over the past year, yen-denominated trading was dominated by XRP with $21.7 billion in volume, outpacing Bitcoin ($9.6 billion) and Ethereum ($4.0 billion). While political developments add unpredictability to the outlook, successful regulatory reforms could set the stage for positive change. One potential catalyst is the government’s recent licensing of the first issuer of a yen-backed stablecoin. Stablecoin issuer JPYC received Japan’s first funds transfer service provider license in August, with its launch anticipated in October. Broader access to stablecoins, digital tokens pegged to fiat currencies like the U.S. dollar or yen, is expected to provide Japanese traders and institutions with a more familiar tool for settlement. Major financial players are also moving in this direction. SBI Group, a leading financial conglomerate, recently deepened its partnership with Ripple to distribute RLUSD, an enterprise-grade U.S. dollar-backed stablecoin, in Japan. SBI plans to make the regulated stablecoin available by March 31, 2026. Corporate Japan bets on blockchainAt the same time, SBI Group also recently partnered with infrastructure provider Startale Group to build a blockchain-based trading platform for tokenized real-world (RWA) assets like stocks. The venture is a bet on the burgeoning tokenization market, which Ripple and Boston Consulting Group (BCG) project could reach nearly $19 trillion by 2033. Alongside moves by major financial groups, Japan is also nurturing its homegrown Web3 talent through the J-StarX Program, coordinated by JETRO Dubai and sponsored by the Ministry of Economy, Trade and Industry. This year, more than half a dozen Japanese startups, together raising over $17 million, were selected for the initiative, spanning blockchain infrastructure, AI-driven platforms, and advanced fintech solutions.  Since August, the cohort has been preparing for international exposure, with showcases scheduled at GITEX GLOBAL 2025 in Dubai and a visit to Abu Dhabi’s Hub71 in October. The initiative reflects Japan’s strategy of expanding overseas networks for its startups while positioning them to access the UAE’s growing Web3 and fintech markets.