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Japan Weighs Allowing Banking Groups to Offer Crypto Trading Services

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Japan’s Financial Services Agency (FSA) is considering a major regulatory shift that would allow banking group subsidiaries to launch cryptocurrency trading services, according to a report by Nikkei on Wednesday. The move aims to expand market access and boost competition in Japan’s fast-growing digital asset industry.

Currently, subsidiaries of banking groups are barred under the Banking Act from registering as crypto asset service providers. The proposed revision would enable securities subsidiaries of banking groups to handle crypto trading, putting them on an even playing field with existing operators tied to securities companies, such as Rakuten Wallet and SBI Holdings’ crypto unit.

The FSA is also reportedly reviewing the long-standing ban on banks investing directly in cryptocurrencies, potentially allowing financial institutions to buy and hold crypto assets as part of their portfolios.

Officials have emphasized that any regulatory changes will be accompanied by strict consumer protection rules, requiring bank-affiliated firms to clearly explain the volatility and risks of crypto investments to retail investors.

The proposed reforms come as Japan seeks to strengthen its position as a regulated global crypto hub, balancing innovation with investor safety. The FSA has not yet issued an official comment, but the policy shift could reshape Japan’s financial sector by integrating traditional banking and digital asset markets more closely than ever before.

Trump’s $100 Million Crypto Investor Aqua 1 Foundation Remains a Mystery

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A previously little-known entity called Aqua 1 Foundation made headlines in late June by purchasing $100 million worth of crypto tokens from President Donald Trump’s World Liberty Financial platform, becoming the largest publicly disclosed investor in the venture. Despite the size of the investment, very little is known about Aqua 1’s origins, funding sources, or its named founding partner, Dave Lee.

Reuters’ investigation found no clear information about Aqua 1’s backers or how to contact Lee directly. The company provided only a brief, unsigned statement refusing to disclose further details, stating it is “backed by a group of long-term, mission-aligned partners” and led by Lee and a global team with expertise in web3 and digital asset infrastructure.

The purchase significantly benefits the Trump family, who reportedly receive about 75% of proceeds from World Liberty tokens, meaning Aqua 1’s investment injected tens of millions of dollars into their personal wealth. Since its launch last fall, the Trump family has earned an estimated $500 million from the platform.

White House Deputy Press Secretary Anna Kelly stated that Trump has taken steps to avoid conflicts of interest, emphasizing that his assets are held in a trust managed by his children, and highlighted the president’s push to position America as a global crypto leader.

Most buyers of the World Liberty tokens remain anonymous, but some are known, such as Chinese investor Justin Sun, who previously bought $75 million worth, and Dubai-based DWF Labs, which invested $25 million. Representatives for DWF Labs said they have no connection to Aqua 1 or Lee.

Aqua 1 announced its investment alongside plans to launch a new fund aimed at advancing the Middle East’s digital economy transformation, set to be listed in the Abu Dhabi Global Market (ADGM) financial center. However, ADGM confirmed that Aqua 1 is not registered, licensed, or affiliated with it.

Questions about Aqua 1’s legitimacy and transparency come amid growing scrutiny of Trump’s crypto ventures by U.S. political rivals and ethics experts, concerned about potential conflicts of interest as his administration influences crypto regulation. Critics argue the opacity of investors like Aqua 1 fuels suspicion about foreign influence on the White House.

Aqua 1 describes itself as a “Web3-native fund based in UAE with a global outlook,” but Reuters found no evidence of its registration with UAE’s main financial regulators, including Abu Dhabi Global Market, Dubai International Finance Centre, or the Securities and Commodities Authority. Its website was created only in May 2025, lacks detailed leadership or financial information, and its registrants remain anonymous.

Dave Lee, the supposed founding partner, has a minimal public presence. His social media profile contains sparse posts, with a manga-style avatar and mentions locations including São Paulo, New York, Hong Kong, and Abu Dhabi. The crypto wallet linked to Aqua 1 shows limited transaction history, mainly transfers to World Liberty, and an estimated $100 million in assets under management, suggesting World Liberty may be its sole major investment.

This mystery surrounding Aqua 1 adds to concerns about transparency and potential foreign influence in President Trump’s crypto-related businesses, raising calls for greater public disclosure on the origins of the large sums flowing into the World Liberty project.

MicroStrategy Stock Turns Negative Despite Bitcoin Reaching $100,000 Milestone

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Cryptocurrency-related stocks took a downturn on Thursday, even after Bitcoin reached a historic milestone, surpassing $100,000 for the first time. MicroStrategy, a software company that has become closely associated with Bitcoin due to its large holdings of the cryptocurrency, saw its stock slip by 4.8%, reversing an earlier gain of more than 7%. Other crypto-linked companies also experienced losses, with Riot Platforms and Mara Holdings falling around 5% and 4%, respectively. Robinhood Markets and Coinbase Global also saw declines, with drops of 2.7% and over 3%, respectively.

MicroStrategy has increasingly become a proxy for Bitcoin itself, with the company’s stock price closely tied to the value of the cryptocurrency. Since 2020, when it first began purchasing Bitcoin, MicroStrategy’s stock has skyrocketed by more than 2,700%. Similarly, Coinbase, which operates a cryptocurrency exchange, and Robinhood, which allows users to trade Bitcoin, have seen their stocks rise due to their exposure to the digital currency. Meanwhile, Mara Holdings and Riot Platforms focus on Bitcoin mining and digital infrastructure.

Despite Thursday’s setbacks, these companies have posted significant gains year-to-date. MicroStrategy has surged nearly 512%, Robinhood has risen more than 205%, and Coinbase has increased by over 84%. Mara Holdings, however, has underperformed, with a gain of just over 5%.

Investor enthusiasm around Bitcoin has been fueled by expectations of a more crypto-friendly regulatory environment following the November election of President-elect Donald Trump. The belief that his administration would be more relaxed on cryptocurrency regulations has led to increased investments in the sector.

“This price surge, particularly with Bitcoin reaching $100,000, is significant not only as a psychological milestone but because it increases the likelihood of more institutional and traditional finance investment,” said Pascal St-Jean, CEO of 3iQ. St-Jean further noted that the growing accessibility of digital assets to investors also contributed to the price appreciation.

In addition, traders have shown increased interest in leveraged MicroStrategy exchange-traded funds (ETFs), which use debt to amplify potential gains from the underlying assets. According to JPMorgan, these leveraged ETFs accounted for a significant portion of the $11 billion inflow into crypto funds in November, reflecting the heightened investor activity in the cryptocurrency sector.