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The Latest In Japan FinTech
November 08, 2023
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First, Hong Kong will push anything that the US cannot or is unwilling to do, or that gets mired in “regulatory competition” among the various agencies: cryptocurrency exchanges, tokenization, e-HKD, stablecoins, and even a Bitcoin ETF are all part of the conversation. Competition is good, and in addition to providing optionality in the geo-political chess game, will lift the tide for all players in Asia. We welcome that.

 

Second, the programs offered by the Hong Kong Science & Technology Park (HKSTP) to attract startups and scaleups are first class. They are not only backed by strong funding options, but also by a highly skilled, well-connected, and incentivized team of business developers, account managers, etc. This is unlike many of the Japanese programs, where you get a Big Four consultant two years out of college to talk to when applying for a Tokyo Metropolitan Government grant.

 

Third, at the very least in the family office space, Saudi Arabia has taken quite a bit of mind share as the next big opportunity. The conversation has certainly started to move on from “Hong Kong, Singapore or the UAE”. I was expecting this still to be quite low key, but the cat seems to be out of the bag.

Now let us get back to what we are going to cover this week:

  • Venture Capital & Private Markets: the Osaka Digital Exchange (ODX) has accepted equity participations; Mizuho Capital and Mizuho Bank have established a JPY 15bn venture capital fund; Mizuho Capital has made its first investment through the “Mizuho Venture Debt Fund”; MUFJ and Mizuho invest in Sensyn Robotics’ JPY 2.25bn (USD 15m) equity round; Digital Garage is investing in Komainu; alternative investment platform LUCA Japan closed its Pre-Series A; gumi Cryptos Capital and Arcane Group led Moonveil Entertainment’s funding round, with Infinity Venture Crypto participating; GMO Internet Group invests in INTMAX; MUFG Innovation Partners (MUIP) invests in Broom, the Indonesia-based auto financing startup; SBI Holdings has entered into a strategic capital alliance agreement with Novastar for investment business on the African continent; SBI Investment and Nikon Corporation have jointly established the “Nikon-SBI Innovation Fund II”
  • Banking: SumiTrust has more than halved its net income projection for the fiscal year, from JPY 200bn to JPY 85bn; Sumitomo Mitsui Banking Corporation has opened a representative office in Washington, D.C.; MUFG has launched its Green Deposit in South Korea and Taiwan; Mizuho Bank and Blue Lab will start a demonstration experiment this month using “LocoViz” to support regional revitalization; b8ta Japan will partner with Mitsubishi UFJ Trust and Banking Corporation during November 2023
  • Payments: Tap-to-Pay will be available at Osaka railways in 2024 for World Expo; JCB expands partnership with Stripe to boost e-commerce merchant acceptance in Europe, Singapore and Hong Kong
  • Insurance: Dai-ichi Life and YuLife have commenced a pilot implementation of the YuLife Wellbeing Model
  • Capital Markets & Asset Management: Q3 (July to September) league tables
  • Digital Assets: Policymakers partner to foster responsible digital asset innovation; SBI Digital Markets collaborated with UBS Asset Management to conclude a technical pilot for the issuance and distribution of a tokenised Variable Capital Company (VCC) fund; Komainu and Crypto Garage are collaborating in building best-in-class institutional crypto service levels in Japan; Laser Digital, in cooperation with Nomura, has debuted the ‘Nomura & Laser Digital Botanical Garden’ in The Sandbox metaverse; Okcoin Japan has been officially welcomed as the latest corporate baker on the Tezos blockchain
  • The Last Word: All ships leak
···

Venture Capital & Private Markets

···

Banking

···

Payments

  • Tap-to-Pay will be available at Osaka railways in 2024 for World Expo; Hankyu Corporation, Sumitomo Mitsui Card, Visa Worldwide Japan, JCB, Toshiba, and QUADRAC will start a railway riding service using credit cards, debit cards, and prepaid cards with touch payment functions, as well as smartphones with such cards set up, utilizing Sumitomo Mitsui Card’s transit solution for public transportation “stera transit” at all Hankyu railway stations by 2024; similar announcements were published by Kinki Nippon Railways and Hanshin Railways
  • JCB expands partnership with Stripe to boost e-commerce merchant acceptance in Europe, Singapore and Hong Kong; JCB International, the international operations subsidiary of JCB, and Stripe have expanded their partnership to provide new growth opportunities for all of Stripe’s e-commerce merchants in those areas by welcoming JCB’s valued cardmembers
···

Insurance

  • Dai-ichi Life and YuLife, the tech-driven financial services company on a mission to inspire life, have commenced a pilot implementation of the YuLife Wellbeing Model, a variety of health and wellness services including the award-winning YuLife app and online hub, in Japan
···

Capital Markets & Asset Management

The league tables for the second quarters are out, with some big movers in the M&A segment

  • M&A: 1 — Daiwa (up from 9), 2 — Nomura (up from 6), 3 — Plutus (up from 13), 4 — MUFJ Morgan Stanley (down from 1), 5 — SMBC Nikko (up from 7)
  • Equity Underwriting: 1 — Nomura, 2 — SMBC Nikko, 3 — Mizuho, 4 — Daiwa, 5 — Goldman Sachs
  • Debt Underwriting: 1 — Mizuho, 2 — SMBC Nikko, 3 — Nomura, 4 — Daiwa, 5 — MUFJ Morgan Stanley
···

Digital Assets

Post image

Policymakers partner to foster responsible digital asset innovation

···

Other Media

···

The Last Word: All ships leak

Japan is a hotbed of information leaks. In a wonderful piece published in the Japan Times, Bloomberg’s Gearoid Reidy and Daniel Moss take on the Bank of Japan, noting that every time Bank of Japan Governor Kazuo Ueda has made an announcement since taking up his post, that information has appeared initially not in the public domain, but in the pages of the fourth estate. Rather than expecting the BOJ press release to arrive for everyone at the same time, pundits and traders alike spend the morning hitting the refresh button on the Nikkei home page to get the latest scoop.

The BOJ is far from the exception. Even for listed companies, including the mega banks, the Nikkei appears to publish a story before the companies’ websites and investor relation pages have been updated. While often an argument can be had regarding the materiality of the information, such a judgement is best left to the investor, not the IR department. At the very least those corporations listed in the US run the potential risk of investor lawsuits. And with regards to the BOJ, the materiality of the information is undisputed.

If you want to be viewed as a Global Financial Center, act like one.

 

 

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👀 Something Historic Just Happened In Colombia

Something historic just happened in Colombia.
An object was recovered, a metallic sphere that defies explanation.

Now it’s the center of an international investigation involving U.S. congressmen, physicists, and Dr. Steven Greer.

The object, called the Buga Sphere, was discovered by a local metal detectorist, Don José.

👉 At first, it weighed 2kg, then 6kg and then 10kg.

The same object, no external changes and weight fluctuations recorded live.

What kind of material behaves like this?

The sphere doesn’t emit radiation, but it does mess with electronics.

People near it reported metallic taste, nausea, and phones going haywire. David Vélez wore an anti-static suit just to touch it.

Not exactly your average scrap metal.

A second sphere showed up in Jumbo, caught on camera by a separate witness.

Same shape, movement, and equatorial line.
Italy’s top UAP analysts reviewed the footage.
The metadata was untouched, it wasn't CGI, it’s real.

Inside the Buga Sphere scientists discovered:

🔹Fused polymers
🔹Optical ...

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"The World Order That We Are Coming Into"

If XRP is the neutral bridge for all sovereign currencies, stablecoins, and tokenized assets, then it’s not just facilitating payments, it’s capturing all that value at every level. From smart contracts to tokenized treasuries and digitized assets, XRP forms the foundation and backbone for everything in between.

With cross-border payments representing a multi-trillion-dollar corridor, that’s where the largest capital will flow and the greatest returns will come from.

At this point, you’re the gatekeeper to the digital economy. Everything else follows or fades away once regulations take effect.

You either see it or you won’t until it’s too late.

~The Black Swan Capitalist

00:01:50
Denelle Dixon (Stellar CEO) On Bloomburg 🚀

'Everyone, including Mastercard and Visa, is looking at how this technology can make finance easier for their consumers and their business. I don't think there is going to be a loser, but I do think there will be shake-ups. And ultimately, the consumer is going to win.' - SDF CEO @DenelleDixon on @BloombergTV

00:05:29
👉 Coinbase just launched an AI agent for Crypto Trading

Custom AI assistants that print money in your sleep? 🔜

The future of Crypto x AI is about to go crazy.

👉 Here’s what you need to know:

💠 'Based Agent' enables creation of custom AI agents
💠 Users set up personalized agents in < 3 minutes
💠 Equipped w/ crypto wallet and on-chain functions
💠 Capable of completing trades, swaps, and staking
💠 Integrates with Coinbase’s SDK, OpenAI, & Replit

👉 What this means for the future of Crypto:

1. Open Access: Democratized access to advanced trading
2. Automated Txns: Complex trades + streamlined on-chain activity
3. AI Dominance: Est ~80% of crypto 👉txns done by AI agents by 2025

🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.

👉 Coinbase just launched an AI agent for Crypto Trading
✨️ Joseph Tittle Prophecies 6/25 ✨️

Going deep into connecting with spirit revealing shocking revelations around artificial intelligence, coming conflicts, attack on United States and allies, How to prepare ourselves for the coming global changes. Channled Psychic predictions.

Bloomberg Analysts Increase XRP ETF Approval Odds to 95%

Key Takeaways:

🔹️Spot XRP ETF approval odds increased by Bloomberg analysts.

🔹️The SEC's positive engagement boosts confidence.

🔹️Ripple market could see significant liquidity influx.

https://aicryptocore.com/bloomberg-xrp-etf-approval-95-percent-odds/

🤔 What Happened To Jed McCaleb, The Co-founder and Chief Architect of the Stellar Development Foundation?

Jed McCaleb, the co-founder and Chief Architect of the Stellar Development Foundation (SDF), remains actively involved with Stellar as of 2025. He continues to serve on the SDF’s board and is recognized as the Chief Architect, helping to guide the technical vision and development of the Stellar network. The SDF, under his and other leaders' guidance, is focused on expanding real-world asset tokenization and aims to power $3 billion in real-world asset value on-chain by the end of 2025.

Beyond Stellar, McCaleb is also known for founding the aerospace company Vast, which is developing artificial gravity space stations; he currently serves as Vast’s chairman and sole funder. According to Forbes, McCaleb’s net worth is estimated at $2.9 billion as of April 2025.

In summary, Jed McCaleb is still deeply engaged with Stellar’s ongoing mission of financial inclusion and blockchain innovation, while also pursuing ambitious projects in the space industry.

https://www.vastspace.com/
...

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Musk Turns On Starlink to Save Iranians from Regime’s Internet Crackdown

Elon Musk, the world’s richest man and a visionary behind SpaceX, has flipped the switch on Starlink, delivering internet to Iranians amid a brutal regime crackdown.

This move comes on the heels of Israeli strikes targeting Iran’s nuclear facilities, as the Islamic Republic cuts off online access.

The former Department of Government Efficiency chief activated Starlink satellite internet service for Iranians on Saturday following the Islamic Republic's decision to impose nationwide internet restrictions.

As the Jerusalem Post reports, that the Islamic Republic’s Communications Ministry announced the move, stating, "In view of the special conditions of the country, temporary restrictions have been imposed on the country’s internet."

This action followed a series of Israeli attacks on Iranian targets.

Starlink, a SpaceX-developed satellite constellation, provides high-speed internet to regions with limited connectivity, such as remote areas or conflict zones.

Elizabeth MacDonald, a Fox News contributor, highlighted its impact, noting, "Elon Musk turning on Starlink for Iran in 2022 was a game changer. Starlink connects directly to SpaceX satellites, bypassing Iran’s ground infrastructure. That means even during government-imposed shutdowns or censorship, users can still get online, and reportedly more than 100,000 inside Iran are doing that."

During the 2022 "Woman, Life, Freedom" protests, Starlink enabled Iranians to communicate and share footage globally despite network blackouts," she added.

MacDonald also mentioned ongoing tests of "direct-to-cell" capabilities, which could allow smartphone connections without a dish, potentially expanding access and supporting free expression and protest coordination.

Musk confirmed the activation, noting on Saturday, "The beams are on."

This follows the regime’s internet shutdowns, which were triggered by Israeli military actions.

Adding to the tension, Israeli Prime Minister Benjamin Netanyahu addressed the Iranian people on Friday, urging resistance against the regime.

"Israel's fight is not against the Iranian people. Our fight is against the murderous Islamic regime that oppresses and impoverishes you,” he said.

Meanwhile, Reza Pahlavi, the exiled son of Iran’s last monarch, called on military and security forces to abandon the regime, accusing Supreme Leader Ayatollah Ali Khamenei in a Persian-language social media post of forcing Iranians into an unwanted war.

Starlink has been a beacon in other crises. Beyond Iran, Musk has leveraged Starlink to assist people during natural disasters and conflicts.

In the wake of hurricanes and earthquakes, Starlink has provided critical internet access to affected communities, enabling emergency communications and coordination.

Similarly, during the Ukraine-Russia conflict, Musk activated Starlink to support Ukrainian forces and civilians, ensuring they could maintain contact and access vital information under dire circumstances.

The genius entrepreneur, is throwing a lifeline to the oppressed in Iran, and the libs can’t stand it.

Conservative talk show host Mark Levin praised Musk’s action, reposting a message stating that Starlink would "reconnect the Iranian people with the internet and put the final nail in the coffin of the Iranian regime."

"God bless you, Elon. The Starlink beams are on in Iran!" Levin wrote.

Musk, who recently stepped down from leading the DOGE in the Trump administration, has apologized to President Trump for past criticisms, including his stance on the One Big Beautiful Bill.

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GENIUS Act lets State banks conduct some business nationwide. Regulators object

The Senate passed the GENIUS Act for stablecoins last week, but significant work remains before it becomes law. The House has a different bill, the STABLE Act, with notable differences that must be reconciled. State banking regulators have raised strong objections to a provision in the GENIUS Act that would allow state banks to operate nationwide without authorization from host states or a federal regulator.

The controversial clause permits a state bank with a regulated stablecoin subsidiary to provide money transmitter and custodial services in any other state. While host states can impose consumer protection laws, they cannot require the usual authorization and oversight typically needed for out-of-state banking operations.

The Conference of State Bank Supervisors welcomed some changes in the GENIUS Act but remains adamantly opposed to this particular provision. In a statement, CSBS said:

“Critical changes must be made during House consideration of the legislation to prevent unintended consequences and further mitigate financial stability risks. CSBS remains concerned with the dramatic and unsupported expansion of the authority of uninsured banks to conduct money transmission or custody activities nationwide without the approval or oversight of host state supervisors (Sec. 16(d)).”

The National Conference of State Legislatures expressed similar concerns in early June, stating:

“We urge you to oppose Section 16(d) and support state authority to regulate financial services in a manner that reflects local conditions, priorities and risk tolerances. Preserving the dual banking system and respecting state autonomy is essential to the safety, soundness and diversity of our nation’s financial sector.”

Evolution of nationwide authorization

Section 16 addresses several issues beyond stablecoins, including preventing a recurrence of the SEC’s SAB 121, which forced crypto assets held in custody onto balance sheets. However, the nationwide authorization subsection was added after the legislation cleared the Senate Banking Committee, with two significant modifications since then.

Originally, the provision applied only to special bank charters like Wyoming’s Special Purpose Depository Institutions or Connecticut’s Innovation Banks. Examples include crypto-focused Custodia Bank and crypto exchange Kraken in Wyoming, plus traditional finance player Fnality US in Connecticut. Recently the scope was expanded to cover most state chartered banks with stablecoin subsidiaries, possibly due to concerns about competitive advantages.

Simultaneously, the clause was substantially tightened. The initial version allowed state chartered banks to provide money transmission and custody services nationwide for any type of asset, which would include cryptocurrencies. Now these activities can only be conducted by the stablecoin subsidiary, and while Section 16(d) doesn’t explicitly limit services to stablecoins, the GENIUS Act currently restricts issuers to stablecoin related activities.

However, the House STABLE Act takes a more permissive approach, allowing regulators to decide which non-stablecoin activities are permitted. If the House version prevails in reconciliation, it could result in a significant expansion of allowed nationwide banking activities beyond stablecoins.

Is it that bad?

As originally drafted, the clause seemed overly permissive.

The amended clause makes sense for stablecoin issuers. They want to have a single regulator and be able to provide the stablecoin services throughout the United States. But it also leans into the perception outside of crypto that this is just another form of regulatory arbitrage.

The controversy over Section 16(d) reflects concerns about creating a regulatory gap that allows banks to operate interstate without the oversight typically required from either federal or state authorities. As the two Congressional chambers work toward reconciliation, lawmakers must decide whether stablecoin legislation should include provisions that effectively reduce traditional banking oversight requirements.

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If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto – Support via Coinbase Wallet to: [email protected]

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Dubai regulator VARA classifies RWA issuance as licensed activity
Virtual Asset Regulatory Authority (VARA) leads global regulatory framework - makes RWA issuance licensed activity in Dubai.

Real-world assets (RWAs) issuance is now licensed activity in Dubai.

~ Actual law.
~ Not a legal gray zone.
~ Not a whitepaper fantasy.

RWA issuance and listing on secondary markets is defined under binding crypto regulation.

It’s execution by Dubai.

Irina Heaver explained:

“RWA issuance is no longer theoretical. It’s now a regulatory reality.”

VARA defined:

- RWAs are classified as Asset-Referenced Virtual Assets (ARVAs)

- Secondary market trading is permitted under VARA license

- Issuers need capital, audits, and legal disclosures

- Regulated broker-dealers and exchanges can now onboard and trade them

This closes the gap that killed STOs in 2018.

No more tokenization without venues.
No more assets without liquidity.

UAE is doing what Switzerland, Singapore, and Europe still haven’t:

Creating enforceable frameworks for RWA tokenization that actually work.

Matthew White, CEO of VARA, said it perfectly:

“Tokenization will redefine global finance in 2025.”

He’s not exaggerating.

$500B+ market predicted next year.

And the UAE just gave it legal rails.

~Real estate.
~Private credit.
~Shariah-compliant products.

Everything is in play.

This is how you turn hype into infrastructure.

What Dubai is doing now is 3 years ahead of everyone else.

Founders, investors, ecosystem builders:

You want to build real-world assets onchain.

Don’t waste another year waiting for clarity.

Come to Dubai.

It’s already here.

 

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🙏 Donations Accepted 🙏

If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto – Support via Coinbase Wallet to: [email protected]

Or Buy me a coffee: https://buymeacoffee.com/thedinarian

Your generosity keeps this mission alive, for all! Namasté 🙏 Crypto Michael ⚡  The Dinarian

 

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