Galaxia Metaverse and ZIKTALK to Expand Blockchain and Web3 Initiatives

Crypto Titans Clash on Elon Musk’s XA subtle panel discussion photo posted by Andrei Grachev of Singapore’s DWF Labs turned into a war of words among crypto trading titans on Elon Musk’s X (formerly Twitter).Photo by Marek Piwnicki on UnsplashDWF vs GSRGrachev, who is a Managing Partner at the market maker and Web3 investment firm, thanked his fellow panelists in the post. However, the tone quickly soured as Cristian Gil, Co-Founder of rival market-making giant GSR, took offense to Grachev’s presence on the panel and voiced his disapproval on the platform.Gil didn’t mince his words, stating: “[Andrei Grachev] had absolutely no business to be on that panel. It’s insulting to [GSR] , [OKX] and [Wintermute] to be in the same room as [DWF Labs].”DWF vs WintermuteHis remarks received a “Like” from Evgeny Gaevoy, the CEO of market maker Wintermute. In response, Grachev defended his presence, asserting that DWF was superior in technology, trading, and business development compared to its rivals, going so far as to suggest to Gil: “Yeah, if I were you — I would be also crying all the time.”The exchange continued with Grachev claiming that DWF was capturing market share from Wintermute, and Gaevoy responded with a nonchalant “lol,” challenging Grachev to invest more if he believed DWF posed a threat.DWF Labs’ rapid growthWhile the exchange consisted of mere words, it shed light on DWF Labs’ sudden rise to prominence earlier over recent months. The company has featured prominently in an array of investments in Web3 startups and blockchain networks over the course of 2023. Prominent among them have been investments in EOS, the Algorand ecosystem, and the TRON ecosystem.Recently appearing on the BlockBeats podcast, Grachev defended the company, outlining that it was not involved in market manipulation in response to recent assertions to the contrary.“We do not engage in any manipulative behavior,” Grachev stated. “Of course, we have the futures market, which is a tool for hedging positions and trading clubs. We are completely different from directional traders,” he added.Gaevoy added some humor to the mix by sharing a meme, raising questions about the maturity level of these prominent figures in the crypto industry. The spat provoked a broad array of commentary from the crypto community.Crypto immaturityThe very public clash raises concerns about how traditional Wall Street firms, currently making bold moves into the crypto space, might perceive such behavior. Notably, firms like BlackRock have been involved in Bitcoin ETF applications, signaling a growing interest in cryptocurrency among mainstream financial institutions. In response to Gaevoy and Grachev, one commentator wrote: “The institutions are never coming back.”While it would appear that there’s no love lost between DWF, GSR, and Wintermute, it also seems evident that both market makers can agree on Singapore as being an appropriate location from where to operate a crypto business. While Wintermute is London-based, it revealed recently that it was expanding its operations in Singapore. Like Wintermute, GSR is primarily based in London although it too maintains a presence in Singapore to service Asia-centric business.

Japan’s Ministry of Economy, Trade and Industry announced on Friday that it has approved a revision to the Industrial Competitiveness Enhancement Act, with the aim of broadening strategic investment opportunities. According to a local report from crypto publication Coinpost, this move would open avenues for venture capital (VC) firms to invest in projects exclusively issuing cryptocurrencies. Pending parliamentary deliberationWith cabinet approval secured, the revised bill will now undergo introduction and deliberation in the current session of the Diet, Japan's parliament. If passed, the amendment could pave the way for VC funding of Web3 startups in exchange for crypto assets. The Ministry highlighted that the amendment aligns with objectives to foster new businesses and industrial investment, with a particular focus on empowering Japan's economy through support for medium-sized companies and startups. Reports of Japan's intention to ease regulations for VC firms investing in crypto startups first emerged in September.Photo by Manuel Cosentino on UnsplashStablecoin frameworkJapan has further work to do to implement a comprehensive overall framework for digital assets. A move by the Japanese Financial Services Agency (FSA) earlier this month to implement measures designed to guard against unlawful crypto transfers is a case in point. The measure doesn’t appear to account for knock-on effects on the peer-to-peer (P2P) transactions market. However, its stance on crypto regulation is best characterized by efforts to establish a robust legal framework for stablecoins and digital assets. The nation has positioned itself as a global leader in stablecoin regulation, signaling plans to embrace Web3 technologies while maintaining stringent measures to protect users. Japan's stablecoin regulations, while providing clarity, present challenges for issuers, especially regarding profitability in a low-interest rate environment. Compliance with requirements such as maintaining 100% of assets within Japan's trust accounts poses operational hurdles for yen-based stablecoins. Recent developments indicate industry players' efforts to navigate regulatory requirements. Mitsubishi UFJ Financial Group, Japan's premier banking conglomerate, has engaged with stablecoin issuers to explore leveraging its blockchain platform. Web3 hope amid economic difficultiesJapan’s economy has seen better days. Last week, the bitcoin-yen trading pair saw bitcoin reach a record high valuation against the yen. New technologies like Web3 are seen as a potential mechanism for the East Asian country to improve its economic performance. In July of last year, Japanese Prime Minister Fumio Kishida emphasized the country’s commitment to nurturing the Web3 sector within Japan. Last year, Yudai Suzuki, the founder of a Tokyo-based Web3 incubator, suggested that the country could rediscover its past prowess at the forefront of innovation and technology by embracing blockchain and Web3. Japan's regulatory approach appears to be shifting to accommodate such sectoral growth and development. Last July, the Japan Blockchain Association (JBA) called on the government to address an issue within the Japanese tax code that was hampering the industry. That tax reform was subsequently implemented in December. This latest initiative, too, appears to underscore Japan's commitment to fostering innovation and economic growth through enabling further investment into emerging Web3 enterprises. 

Russia is moving to let ordinary investors gain limited exposure to cryptocurrencies under a draft law that would bring digital assets under the country’s existing financial market framework rather than treating them as a separate category of regulation.Photo by Michael Parulava on UnsplashAnnual retail crypto cap set at $3,800According to a Jan. 13 report by TASS, Anatoly Aksakov, chairman of the State Duma Committee on the Financial Market, said the changes would allow digital assets to become part of everyday life for Russian citizens, but within limits. Under the proposal, annual crypto purchases by retail investors would be capped at 300,000 rubles (roughly $3,800). Aksakov added that professional investors would face no restrictions on crypto investing, noting that digital assets are expected to play a significant role in international settlements. The shift had already been signaled in a December statement from the central bank, cited by Bloomberg. The Bank of Russia said non-qualified investors would be allowed limited access to the most liquid cryptocurrencies after passing a knowledge test. Qualified investors, meanwhile, would be able to buy digital assets without restrictions—excluding anonymous tokens—after completing a risk-awareness assessment. Under the proposals, crypto transactions would be routed through existing market infrastructure. Regulated exchanges, brokers, and trust managers would operate under their current licenses, while custodians and crypto exchange services would be subject to separate requirements. Residents would also be permitted to buy digital assets abroad and transfer their holdings through Russian intermediaries, provided such transactions are reported to tax authorities. The central bank submitted the proposals to the government as part of legislative amendments intended to regulate trading by July 1. It also warned that crypto assets remain high-risk and that investors could face losses. The move marks a notable shift in tone for the Bank of Russia, which in early 2022 pushed for strict limits on the issuance and use of digital assets, likening them to pyramid schemes. Crypto’s role in Russia’s cross-border activity has since expanded amid Western sanctions, including restrictions on access to the SWIFT messaging system imposed on Russian banks after the invasion of Ukraine. Ruble stablecoin booms amid sanctionsThat environment has helped fuel the recent rise of a ruble-backed token used in cross-border flows. A7A5, launched in Kyrgyzstan in January 2025, capitalized on this demand, processing more than $93.3 billion in transaction volume over about a year, according to Chainalysis data. Operating on the TRON and Ethereum blockchains, the token has become a major tool for Russian users navigating banking restrictions. This utility had driven daily transfer volumes past $1 billion by July, according to Elliptic. The activity has persisted despite sanctions and questions about fundamentals, even as the ruble had gained roughly 40% against the dollar by early June, based on Bank of America data cited by CNBC. CoinMarketCap data show A7A5 listed only in a USDT pair on Uniswap V2, while an August Chainalysis report found that activity is concentrated on U.S. Treasury Department Office of Foreign Assets Control (OFAC)-sanctioned services with Russian ties, including Meer, Bitpapa, and Grinex, a confirmed successor to Garantex. Operations on these platforms follow a strict Monday-to-Friday schedule, with volumes surging early in the week and vanishing on weekends.