Bitmain Fined by Chinese Authorities for Tax Irregularities

Japan’s Financial Services Agency (FSA) plans to ban insider trading in the cryptocurrency market, according to an Oct. 15 report in Nikkei, cited by CoinPost. The forthcoming rules would amend the Financial Instruments and Exchange Act to explicitly bar trading based on nonpublic information, with violators subject to administrative fines.Photo by Louie Martinez on UnsplashTightening oversight through the SESCThe FSA intends to hammer out the details through a working group by year’s end and aims to submit a bill amending the securities law during the 2026 ordinary session of the Diet. Under the proposal, the Securities and Exchange Surveillance Commission (SESC) would gain authority to investigate suspected violations and could recommend fines or criminal charges in cases of alleged insider trading. Experts say Japan’s system of self-regulation, led by cryptocurrency exchanges and the Japan Virtual and Crypto Assets Exchange Association (JVCEA), lacks sufficient data monitoring. The government hopes that granting the SESC oversight of crypto transactions will help ensure fairer trading and make the market more attractive to investors. The new rules would target the use of confidential information, such as advance knowledge of a token listing or a major security flaw. Yet applying insider-trading standards to crypto may prove difficult. Many tokens have no clear issuer, making it harder to determine whose information could move markets or who should be held accountable. Crypto investing has surged in Japan, with domestic trading accounts quadrupling in five years. The FSA now aims to update its rules to reflect that digital assets are traded mainly as investments, not as payment instruments. Leadership transition brings policy uncertaintyJapan’s plan to strengthen oversight of cryptocurrencies coincides with a period of political transition. Prime Minister Shigeru Ishiba has announced his intention to step down but remains in office for now. According to CNBC, Sanae Takaichi, newly elected president of the ruling Liberal Democratic Party (LDP), would typically be expected to assume the premiership, but the coalition’s collapse has upended what would otherwise be a routine transition. The parliamentary vote to choose Japan’s next leader, initially slated for Oct. 15, has been postponed to Oct. 21. In the wake of the split, the main opposition Constitutional Democratic Party (CDP) is reportedly seeking Komeito’s support for a joint prime ministerial candidate. Yuichiro Tamaki, leader of the Democratic Party for the People (DPP), is seen as a potential consensus choice. The ruling LDP currently holds 196 seats in the lower house, but a united opposition could command a larger bloc. Tamaki has also drawn attention in crypto circles. About a year ago, he proposed cutting taxes on cryptocurrency gains to 20%, a flat rate similar to that on stock profits, during his campaign against Ishiba. At present, crypto gains in Japan are classified as miscellaneous income and taxed at progressive rates that can exceed 50% when local levies are included. Metaplanet’s Bitcoin strategy tested amid market shiftsAgainst that backdrop, Metaplanet, often dubbed Japan’s answer to the U.S. firm Strategy for its aggressive Bitcoin (BTC) accumulation, is under pressure as its valuation slips below the value of its crypto holdings. The company’s market-to-BTC net asset value (mNAV) ratio fell to 0.99 on Oct. 14, dropping below 1 for the first time. The metric compares the company’s market value with its BTC holdings, and a reading below 1 means the stock is trading at a discount to its BTC reserves. The decline comes after Metaplanet paused BTC purchases for the past two weeks. As of Oct. 1, the company held 30,823 BTC on its balance sheet. 

Metabora Singapore Launches Global Pre-Registration for PvP Gaming Platform ‘Skill Blitz’Metabora Singapore, a subsidiary of South Korean blockchain game developer Metabora, announced today that it has begun the global pre-registration of Skill Blitz (formerly known as Borabattle), a gaming platform that enables players to engage in player-versus-player (PvP) battles.Photo by Hans-Peter Gauster on UnsplashAvailable on various app storesSkill Blitz is developed by Neptune Company, a game affiliate of South Korean tech giant Kakao. The platform allows early sign-ups from all over the world except for South Korea, China, and Singapore. Those who wish to participate can register through the Google Play Store, the Galaxy Store, and the Apple App Store.In-game item giveawayAt the time of Skill Blitz’s official release, Metabora Singapore will run a promotional event that offers in-game items and exclusive profile pictures.Trade in-game items with cryptoSkill Blitz is a joint project initiated by key governance council members of the Bora blockchain, namely Neptune Company, Kakao Games, Mobirix, and Metabora. This platform enables players to engage in friendly competition across a variety of casual games, including solitaire, bingo, and puzzles. Furthermore, gamers can visit the Bora Portal to trade their in-game items for virtual assets such as BORA, MATIC, and USDC.In this collaborative initiative, Neptune will take charge of Skill Blitz’s development and service, while Kakao Games will provide support for service operations. Metabora will be responsible for overseeing the app’s blockchain infrastructure, and Mobirix will provide its own content to the app and utilize its user base to drive global marketing efforts for the application.

Grab, the Nasdaq-listed Southeast Asian superapp, has signed a strategic memorandum of understanding (MOU) with StraitsX, a Singapore-based stablecoin payment infrastructure provider, to develop Web3 wallets and a payment network powered by stablecoins. A Nov. 18 press release said Web3 wallets will be added to the Grab app, allowing merchants in Asia to accept stablecoin payments from local and overseas customers.Photo by Grab on UnsplashXSGD and XUSDUnder the partnership, Grab users may be able to hold and use stablecoins like XSGD and XUSD, which are pegged to the Singapore dollar and U.S. dollar respectively, and convert between fiat and other stablecoins in-app, provided they meet regulatory compliance requirements. Grab expects the integration to facilitate real-time cross-border settlement with transparent foreign-exchange rates, improving efficiency through faster, cheaper, and compliant transactions. The superapp operator seeks to create a single, interoperable Web3 payment framework that eliminates the need to switch between country- or method-specific systems. Merchants are expected to benefit from enhanced liquidity and capital management via programmable settlement features enabled by smart contracts and on-chain treasury tools. ASEAN’s regulatory gapsThis industry development comes amid growing interest in digital finance among intergovernmental organizations. In a blog post, Yasuto Watanabe, Director of the ASEAN+3 Macroeconomic Research Office (AMRO), noted the private sector’s growing involvement in stablecoins, outlining their advantages and risks. He said stablecoins offer greater accessibility and enable faster, cheaper transactions compared with traditional banking.  Stablecoins are widely used for remittances in Southeast Asia, particularly in the Philippines and Vietnam, and are also a common tool for small businesses engaged in cross-border trade. Watanabe also warned of risks such as anonymity-driven money laundering and capital control evasion. He also pointed to concerns that the rise of U.S. dollar–denominated stablecoins could undermine monetary sovereignty. In this context, the AMRO Director underscored the importance of the ASEAN+3 region addressing existing gaps through concerted action. 12M USDT seized in Thailand crackdownGovernment concerns are reflected in recent crypto-related crimes making headlines. In a recent case, Thai authorities, in coordination with the U.S. Secret Service, detained 73 individuals and confiscated assets valued at more than 522 million baht. About 400 million baht of that total was in USDT (12 million USDT). Tether said in an announcement that it supported law enforcement in the operation. The emergence of stablecoins is clearly transforming the traditional financial landscape. Companies are racing to harness new technologies, while regulators focus on combating illicit activity and strengthening consumer protections. As the sector evolves, new opportunities and risks will surface, and the balance between innovation and safety will be a key question moving forward.