Taiwanese regulator set to launch crypto custody pilot

Nomura’s Laser Digital Expands Crypto Venture Capital Arm with New PartnerLaser Digital, the cryptocurrency subsidiary of Nomura, one of Japan’s leading financial services companies, is strengthening its venture capital business with the appointment of industry veteran Florent Jouanneau as a new partner.Despite a decline in funding levels across the industry, Laser Digital aims to expand its venture capital arm, according to a report published by The Block on Tuesday.With Jouanneau joining the team, Laser’s venture team now consists of seven members, according to Olivier Dang, the company’s General Partner and Head of Ventures. Laser Digital, launched in the fall of last year, currently employs about 65 people and offers asset management and trading services alongside its venture capital activities.Jouanneau’s previous experience includes positions at White Star Capital, a venture capital firm that invests in Web3 and DeFi startups. He also served as a structured credit and ABS trader at Bank of America, and held sales and trading roles at UBS and BPCE Group’s Natixis.Photo by Markus Winkler on UnsplashCrypto venture business expansionThe decision to expand the venture business comes at a time when VC investments in Web3 are declining. In the first quarter of this year, Web3 venture funding dropped by 80% compared to the same period last year, as reported by data from K33 Research. VC investment in Web3 totaled $2.8 billion in Q1 2023, a significant decrease from $13.5 billion in Q1 2022.Jouanneau acknowledged the market slowdown in 2022 and highlighted the current opportunity for investment. He stated: “We are seeing a lot of valuations being dragged down by effectively the lack of capital to be deployed.” This sentiment aligns with the perspective of many crypto venture capitalists who view the current bear market as a favorable time to invest, given the risk-reward dynamics and the potential for institutional participation.Crypto sector maturationDang expressed optimism about the maturation of the crypto industry, pointing to the increasing interest of traditional financial institutions, including BlackRock, in spot Bitcoin ETFs. Dang believes that as more institutions enter the space, the quality of deal flow and transactions in the venture capital sector will improve.He also emphasized the importance of robust institutional-grade infrastructure to support these institutions, noting that Laser’s association with Nomura has helped instill trust among investors.While Laser’s fund is currently backed exclusively by Nomura, Dang mentioned that they have started raising third-party capital. The fund has invested in early-stage startups focusing on areas such as DeFi, CeFi, Web3 tooling, and infrastructure. Among its portfolio companies are DeFi protocol Infinity Exchange and crypto trading firm CrossX.Dang disclosed that the team aims to make an additional ten investments throughout the rest of this year, prioritizing projects with institutional use cases. However, they remain cautious about ventures primarily focused on gaming and NFTs due to their limited expertise in those areas.As the industry continues to mature and attract institutional interest, it’s clear that Laser is attempting to position itself as a trusted player in the space, leveraging its expertise and partnerships to drive growth and generate value for its investors.

Hong Kong to Issue Digital Asset Licensing Guidelines in MayAccording to Hong Kong’s Securities and Futures Commission (SFC), the Commission will issue new guidelines for virtual asset exchanges within the Chinese autonomous special administrative region (SAR).© Pexels/Jimmy ChanSFC CEO Julia Leung made that announcement while speaking at an event in the city on Thursday, indicating that the guidelines are due to be released next month. Additionally the autonomous region intends to introduce a new licensing system from June 1 onwards, enabling the retail investors among Hong Kong’s populace to trade leading cryptocurrencies like Bitcoin and Ethereum.Hong Kong authorities had provided an insight into this approach back in February, when plans to provide retail access to digital assets were first set out. At the time, they outlined the need for retail customers to pass a knowledge test relative to digital assets or otherwise only being allowed to trade such assets once the customer had completed a certain level of training relative to digital assets, provided by a regulated crypto service provider.This latest announcement has arrived amid a backdrop of a series of recent indications that signify the intent of authorities in Hong Kong to make the autonomous region a major financial hub centered around digital assets.Leung articulated that the further development of this digital assets framework follows a consultation process that attracted more than 150 responses. Although virtual asset service providers (VASPs) will need to await the complete rollout of the licensing system, a handful of crypto businesses such as OSL and Hashkey, under the supervision of the Hong Kong regulator, have already started to offer their services.Crypto as propertyA Hong Kong court recently recognized cryptocurrency as property. The ruling emerged in a bankruptcy hearing pertaining to failed cryptocurrency exchange Gatecoin. In presiding over the case, Justice Linda Chan outlined that the autonomous region takes a broad view of what constitutes property. In finding crypto to meet the definition of property, she went on to clarify that it therefore has the capability of being held in trust.The finding has particular relevance in the crypto world right now given the consequences of an “in trust” custodianship of customer’s digital assets relative to numerous ongoing bankruptcy processes involving failed crypto businesses, and the pecking order of creditors in those instances, in their efforts to recover their digital assets.Positive approachWhile mainland China remains an adverse territory relative to digital assets, Hong Kong has taken to welcoming the sector and with that, enticing crypto firms to relocate to the autonomous region from the mainland. Leadership in the city has been making all the right soundings to demonstrate that it is actively trying to nurture the nascent sector.While recent months have seen the Biden administration in the United States attempt to close off banking from the crypto sector, in contrast, Hong Kong’s largest virtual bank, ZA Bank, was recently given permission to act as a settlement bank for regulated Web3 businesses located within Hong Kong.

Iranian authorities last week introduced new restrictions on stablecoin transactions, limiting individuals to an annual purchase cap of $5,000 and a total holding limit of $10,000. According to a report from Iran International, licensed digital platforms have one month from the effective date to enforce these new regulations on all users.Photo by Hadis Malekie on UnsplashRial decline fuels stablecoin uptakeThe move coincides with the continued devaluation of the national currency, with the Iranian rial reaching an all-time low of 1,136,500 per U.S. dollar on Sept. 27. This currency plunge occurred just before the reimposition of United Nations sanctions, which took effect at 00:00 UTC on Sept. 28. Since then, the rial has weakened further, reaching a new low of 1,170,000 per U.S. dollar as of publication, as per data from Bonbast.  For many Iranians, stablecoins like USDT have become an essential financial tool, providing a hedge against inflation and a means to transfer funds internationally, bypassing the traditional banking system. The adoption of these U.S. dollar-pegged digital assets has reportedly grown since the escalation of conflicts with Israel and the U.S. earlier in the year. These new financial controls follow recent actions by the U.S. to counter what it describes as Iranian "shadow banking" networks. On Sept. 16, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned two Iranian financial operatives and their network of companies in Hong Kong and the United Arab Emirates (UAE). A press release stated these entities used cryptocurrency and front companies to transfer funds from oil sales, benefiting Iran’s IRGC-Qods Force (QF) and its Ministry of Defense and Armed Forces Logistics (MODAFL). The U.S. Treasury asserts these funds are funneled into regional proxy groups and the development of advanced weapons programs.U.S. dollar to rial chart Source: BonbastHack on Iran’s top crypto platformIran’s private digital currency sector has also faced mounting security pressures. In June, Nobitex, the country’s largest crypto exchange, was hit by a major exploit that drained about $90 million in assets, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), Tron (TRX), and TON. A pro-Israel hacker group known as Predatory Sparrow, or Gonjeshke Darande, later claimed responsibility in a post on X. The attack took place during heightened military tensions that began with Israeli strikes on Iranian military and nuclear facilities on June 18, 2025. According to analysis by TRM Labs, digital assets are increasingly integral to Iran's efforts to navigate international sanctions and advance its geopolitical interests. Iranian exchanges, including Nobitex, process billions in cryptocurrency transactions. These platforms have been noted for permitting large withdrawals without stringent Know Your Customer (KYC) protocols and for employing sophisticated methods to obscure the origins and destinations of funds. At the same time, these exchanges are not used solely for state-level purposes. For many ordinary Iranians, grappling with inflation and economic isolation, digital assets represent a practical tool for safeguarding savings and maintaining limited access to the global economy, underscoring the dual role that cryptocurrency plays in the country.