News related to
platform

Tokyo’s financial regulator is advancing a proposal that would permit domestic banks to directly invest in cryptocurrencies such as Bitcoin and operate crypto exchanges, marking a significant shift from earlier restrictions. The Financial Services Agency is set to present its plans to the Financial System Council—an advisory body to the prime minister—later this month.

Under the existing regime promulgated in 2020, Japanese banks have been effectively barred from acquiring and holding digital assets for investment purposes, owing to concerns about volatility and financial-stability risk. The new regulatory blueprint would align crypto asset holdings by banks with traditional financial instruments such as stocks and government bonds, while introducing capital and risk-management requirements tailored to the asset class.

According to data cited by the FSA, Japan’s crypto account holdings have climbed past 12 million as of February 2025—a roughly 3.5-fold increase over five years. The surge in retail interest is growing pressure on regulators to provide greater clarity and institutional-grade infrastructure. Amid this backdrop, the proposed reforms aim to usher in a more integrated digital-asset ecosystem under the purview of regulated financial institutions.

The FSA’s initiative encompasses three key pillars: Firstly, banks would be authorised to purchase and hold unbacked crypto assets for trading or investment, subject to strict internal controls and exposure limits.  Secondly, bank groups may register as licensed “cryptocurrency exchange operators,” effectively allowing them to offer trading and custody services in-house rather than relying solely on third-party platforms.  Thirdly, the FSA plans to shift oversight of digital assets from the current Payment Services Act regime into the Financial Instruments and Exchange Act framework, thereby affording crypto the same legal mould as securities.

Banking groups in Japan are already responding. Three of the country’s largest financial institutions—Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group—have announced a joint plan to issue a yen-pegged stablecoin for corporate settlements, signalling a broader shift into digital assets.

Supporters of the reforms argue that allowing regulated banks to engage with crypto assets will bolster investor protections, improve custody and transactional infrastructure, and widen market access. “This reform will treat cryptocurrencies similar to other investible asset classes under bank supervision,” noted one industry analyst. However, sceptics caution that the volatility of cryptocurrencies remains elevated and that exposure must be managed carefully to prevent end-user or systemic risk.

Regulatory design will therefore place a heavy emphasis on limiting banks’ direct holdings of digital assets relative to their capital base, imposing heightened disclosure and governance mandates. One working-group paper recommends that banks maintain separate risk-allocations and stress-testing frameworks for crypto, akin to those used for foreign-exchange or commodity trading desks.

The tax and legal context are also evolving. Japan is preparing to introduce a flat 20 % capital-gains tax on crypto assets as part of its 2025 reforms, and certain tokens are slated to be reclassified as securities under the FIEA. These measures are designed to reduce uncertainty for institutional participants and global investors seeking regulated exposure to digital assets.

Market participants appear cautiously optimistic. Some regional banks are exploring pilot custody services for institutional clients, while fintech firms anticipate greater collaboration with mainstream banks as eligibility expands. On the flip side, legacy concerns persist: past hacks and exchange failures have left regulators and consumers wary of governance failures and inadequate transparency.

The world’s largest cryptocurrency, Bitcoin, vaulted above $111,000 after a steep dip earlier this week, triggering sharp gains across major tokens including Ethereum, XRP and Solana. On-chain metrics signalled accumulating momentum while traditional equity markets in Asia registered fresh highs, boosting risk-assets overall.

Bitcoin climbed to around $111,223, representing a gain of approximately 3.7% within 24 hours, after briefly touching a low near $103,602. Other digital assets followed: Ethereum reached roughly $4,062, XRP $2.47 and Solana approximately $193.33, with 24-hour gains of between 3% and 5%.

Analysts highlight several factors underpinning this recovery. On-chain data show the realised value-to-transaction ratio for Bitcoin has declined — a historical marker of heightened accumulation rather than passive holding. A crypto-analytics firm noted that “strong declines in the RVTS have preceded major bull phases, as they indicate that Bitcoin is being used, accumulated, and transferred — not just held.”

Broader market dynamics provided further tailwinds. In Japan, the Nikkei 225 index soared past 49,000 for the first time, advancing the year-to-date gain to 25%. The move followed media reports indicating that the country’s leading opposition party plans to join coalitions which position its fiscal-dove leader for the prime ministership — one with a policy inclination towards low interest rates and expansionary fiscal measures.

Meanwhile, China’s third-quarter gross domestic product growth of 4.8% year-on-year narrowly exceeded forecasts of 4.7%, providing support for risk assets globally.

Beyond macro-signals, institutional behaviours also deserve attention. A leading publicly listed company with large Bitcoin holdings, Strategy, has signalled fresh crypto purchases — adding a layer of institutional demand to the structural thesis.

Within the crypto space, major platforms tied to tokenisation and stable-coin activity are also part of the narrative. Analysts at Galaxy Digital emphasise three structural drivers: increased AI-capex from tokenised assets, accelerating stable-coin infrastructure, and the migration of real-world assets onto blockchain networks. These are seen as propositions that may sustain momentum beyond short-term price moves.

Yet, market participants remain cautious. Liquidity remains thin and residual risks — such as further macro headwinds, regulatory tightening or a reversal in risk appetite — continue to warrant vigilance. As one analyst put it: “The near-term message is caution — respect thinner liquidity, post-crash psychology and a ‘wall of worry’ mood. The medium-term message is resilience.”

Within altcoins, XRP is gaining renewed focus ahead of potential ETF-related developments, while Solana is benefitting from its association with on-chain tokenisation flows. Market-data platform CoinGecko shows that XRP trades at around $2.46, with volume flows increasing as sentiment rebuilds.

The UAE Ministry of Education has entered a new partnership with Core42, a leading company in advanced technological solutions, aiming to accelerate digital learning across the country. This collaboration marks a significant step in the UAE’s broader strategy to modernise its education system and integrate innovative technologies into classrooms nationwide.

Under the Memorandum of Understanding signed by both parties, the Ministry and Core42 will jointly focus on enhancing the digital infrastructure in schools, universities, and other educational institutions. This partnership is set to foster digital literacy, streamline educational processes, and introduce advanced technological tools that can significantly improve the learning experience. The Ministry’s initiative is aligned with its ongoing efforts to diversify and digitalise the national education landscape.

The UAE has been increasingly prioritising the integration of digital technologies within education as part of its long-term goals. The collaboration with Core42 comes at a crucial time as the nation works towards adapting its education system to meet the challenges and opportunities presented by digitalisation. By tapping into Core42’s expertise, the UAE hopes to provide its educational institutions with cutting-edge tools and systems that will prepare students for the future of work, which will undoubtedly be more technology-driven.

Core42, known for its innovative approach to digital solutions, will bring its wealth of experience in developing and implementing advanced tech-driven educational platforms. This will include custom-built software solutions, interactive tools, and data-driven systems that improve not only learning outcomes but also operational efficiency. The company’s work is expected to play a key role in addressing the increasing demand for online and hybrid learning models in response to evolving global educational trends.

The Ministry’s vision is to ensure that both educators and students have the necessary tools to succeed in an increasingly digital world. This vision includes not just integrating digital tools for learning, but also upskilling educators to effectively use these technologies. The partnership with Core42 will focus on creating tailored professional development programmes for teachers, allowing them to enhance their digital teaching capabilities. This approach seeks to bridge the gap between traditional and modern pedagogies, ensuring that both students and educators can thrive in an ever-changing digital environment.

The collaboration will also focus on leveraging data analytics to monitor progress, tailor curricula to individual student needs, and provide actionable insights into educational outcomes. By incorporating AI and machine learning into the learning process, the Ministry and Core42 aim to create personalised learning experiences that adapt to each student’s pace and learning style. This will be complemented by real-time feedback mechanisms, enabling educators to make informed decisions that foster student success.

The MoU also includes the development of digital platforms that will support a more interactive and engaging educational experience. Core42’s expertise in software development and user experience design will be crucial in creating platforms that are both intuitive and effective for students of all ages. The focus will be on ensuring that these platforms are accessible, user-friendly, and capable of supporting diverse learning needs, from primary schools to higher education institutions.

The UAE’s education system has been undergoing significant reforms in recent years, with a growing emphasis on integrating technology into learning. Initiatives like this partnership with Core42 are a clear indication of the country’s commitment to building a world-class educational infrastructure that can support its ambitious vision for the future.

Sharjah Economic Development Department and Sharjah Digital Department have introduced an AI-powered Trade Name Issuance Service at GITEX Global 2025 that can cut name issuance time by as much as 98 per cent. The initiative, built into the DS Assistant tool on the Digital Sharjah platform, analyses business activity data and generates compliant trade name suggestions without human intervention.

The system assesses a company’s industry, preferred naming style and regulations, then offers tailored naming options. By automating the approval workflow, it dramatically reduces processing delays and human error. Officials say this service marks the world’s first fully AI-based trade name issuance mechanism.

Hamad Ali Abdallah Al Mahmoud, Chairman of SEDD and member of the Sharjah Executive Council, said the move underscores the emirate’s goal to streamline business setup and reinforce its position as a regional innovation hub. He noted that SEDD is deepening collaboration with other government entities to expand digital transformation across regulatory and business services.

The service dovetails with broader efforts at the Sharjah Government Pavilion to showcase human-centred digital governance. Among other highlights at GITEX, the Hamriyah Free Zone Authority unveiled a Remote Company Formation project using a Vision LLM to validate identities and documents via live video calls. SDD’s pavilion also featured infrastructure systems for energy management, smart building monitoring and citizen-oriented digital welfare platforms.

Across the UAE, government agencies at GITEX are unveiling AI systems to modernise public services. Dubai Customs launched its “Voice of Customer” platform, which ingests feedback from multiple channels, applies sentiment analysis, and converts insights into action points to improve operations. The platform supports strategic decision-making by flagging emerging client concerns in real time.

Meanwhile, the broader GITEX 2025 agenda focused heavily on sovereign AI, data sovereignty and smart city ecosystems. The event drew over 6,800 exhibitors, 2,000 startups and delegates from 180 countries. Tech firms rolled out next-generation AI, quantum computing and biotechnology solutions aimed at accelerating public sector transformation.

Analysts view Sharjah’s trade name issuance system as filling a niche in the process of company formation—one that has typically remained manual and fragmented in many jurisdictions. By embedding naming rules, business-activity semantics and regulatory checks into algorithmic logic, the system could reduce friction for entrepreneurs. Yet its success will depend on the AI’s ability to interpret diverse naming preferences, local culture, language nuance and prevent politically or culturally sensitive outputs.

Astra Nova has secured USD 48.3 million in a funding round aimed at accelerating its development of no-code, AI-driven tools for creators in the Web3 entertainment space. The capital will bolster expansion into new regions and deepen integrations among its ecosystem of mini-apps, games and community tools.

The bulk of the funding, approximately USD 41.6 million, came through a strategic investment round, building on prior backing from firms including Outlier Ventures and Middle East family offices. Astra Nova intends to deploy the funds toward global scaling, regulatory readiness and product enhancements.

Astra Nova’s core proposition rests on TokenPlay AI, a platform that enables creators to launch blockchain-enabled micro-apps without writing code. Powered by Alibaba Cloud infrastructure, it is designed to let developers spin up interactive communities and gamified utilities rapidly. In addition, Astra Nova operates NovaToon, Deviants: Fight Club, and BlackPass, all of which already draw user traction.

Crucially, major brands are integrating with Astra Nova ahead of its token launch. Shiba Inu, one of the most active crypto communities, is deploying mini-apps through TokenPlay AI, and the Simon’s Cat IP is also building live integrations. These are not mere announcements: the integrations are functional and active, driving transaction volume even before the token is fully in circulation.

Astra Nova’s native token, $RVV, is scheduled for issuance on 18 October. The token is intended as the foundational utility currency within the ecosystem, underpinning in-app upgrades, advertising, subscriptions, and community incentives. Transaction fees from ecosystem activity are programmed to trigger buybacks of $RVV, creating a feedback loop to support tokenomics.

Backing for the project includes strategic support from NEOM, NVIDIA’s Inception programme, and Alibaba Cloud. NVIDIA’s involvement is particularly significant: it provides access to GPU and AI computing capabilities that are critical to Astra Nova’s adaptive storytelling and intelligent NPC infrastructure. Alibaba Cloud offers global infrastructure scale, while NEOM’s partnership underscores sovereign interest in aligning the startup with Saudi Arabia’s broader AI and tech ambitions.

Astra Nova’s metrics already indicate early scale: the company claims more than 250,000 creators on its waitlist for TokenPlay AI, cumulative user reach across its live products exceeding 500,000, and 200,000 daily active users across the ecosystem. The ARPG built on Unreal Engine 5 has surpassed 100,000 playtest downloads, reinforcing early demand and user engagement.

Analysts see the model’s strength in its orchestration of multiple components—creator tooling, community building, content, and gaming—into a unified framework supported by AI and blockchain. The pre-launch traction with IPs such as Shiba Inu and Simon’s Cat gives the ecosystem a runway of activity even from day zero of token issuance.

Multiple posts flooding social media demand accountability—users call for a regulator-led probe, the CEO’s arrest, and deep scrutiny of Binance’s internal systems. The outcry follows recent chaos around synthetic tokens USDe, BNSOL, and wBETH, which lost their pegs on Binance amid massive liquidations. Compensation is flowing, but the narrative now centers on whether the crash was a desperate scramble or a deeply orchestrated exploit.

When Binance announced it would pay $283 million to users affected by depegging and associated liquidations, it framed the move as a goodwill gesture to restore stability. The payout applies to users whose positions used USDe, BNSOL, or wBETH as collateral between 21:36 UTC and 22:16 UTC on October 10. The exchange said compensation covers the difference between liquidation price and market price at 00:00 UTC on October 11, plus fees. It also promised to improve its risk-control systems and change how its indices weigh collateral assets..

These remedial steps, however, have not assuaged skeptics. Analysts at Uphold argued the event was no accident: they see the crash as a coordinated exploit of a vulnerability in Binance’s unified margin system, in which USDe, BNSOL, and wBETH were accepted as collateral. Because the exchange valued collateral based on internal order-book data instead of aggregated external prices, they say the system could be manipulated from within the venue itself. That, they believe, allowed an attacker to locally crash prices and trigger a cascade of liquidations.

One widely cited theory points to timing. Binance announced on October 6 it would update its pricing mechanisms to rely more on external oracles, with the changes scheduled for October 14. The incident happened on October 10—right in the middle of that eight-day window. In effect, critics argue, the exchange had acknowledged the flaw but had not yet implemented the fix, leaving a vulnerability no one should have touched. On-chain data shows USDe dropped to as low as $0.65 on Binance while remaining near parity across other markets, and wBETH and BNSOL showed similar divergence. The fact that only these three tokens—and only on Binance—were massively disrupted raises the specter that this was a targeted strike, not a systemic weak spot.

The theory gains further support from social media researchers. A thread by a user called “ElonTrades” describes how roughly $60–90 million of USDe was dumped on Binance to manipulate its order book, triggering forced liquidations in unified-account positions. That thread also links to outsized short positions opened elsewhere in anticipation of a broad market drop. Combined, the strategy would allow the attacker to profit while setting off mayhem across crypto markets.

Binance has rejected claims of an external exploit. In its public statement, the company argues that extreme market volatility predated the depegs, and that local platform issues amplified rather than initiated the crash. It also suggests some of the price distortions stemmed from interface display glitches—tokens with very small values were rendered as zero on users’ screens—while others reflect execution of long-dormant limit orders. The company contends liquidation volume occurring on its platform was only a fraction of broader market activity.

Even some industry voices have pushed back against blanket condemnation of Binance. One analyst told reporters that attributing the crash entirely to internal failure is premature, and that extreme leverage and macro market turmoil may have interacted with, not originated from, the exchange’s anomalies.

Yet the optics are harsh and the damage is real. The crypto community remains intensely uneasy. Many traders point to how precisely the exploit—or crash—focused on three collateral tokens, how it preceded a planned patch, and how quickly the stains were cleaned up by compensation. To many, the $283 million seems less like accountability than a strategic PR move to calm markets and buy time.

BNB, the exchange’s native token, soared after the compensation announcement, reaching a high near $1,370. That rally suggests some market participants interpreted the payout as a signal that Binance could backstop risks if needed. But it has not quelled deeper anxieties: users are now demanding full transparency about trades, collateral decisions, and the CEO’s role in risk oversight.

Amanda, a margin trader who lost funds in the incident, told crypto forums: “This wasn’t a market tantrum. The order flow was too precise, too surgical. It felt like someone pulled the plug on us.” Other users posted examples of margin calls executed within fractions of seconds after the depeg, with little time or warning to react.

The sequence of events presents too many coincidences: a pricing flaw known and scheduled for repair, large collateral-related token dumps executed mid-window, massive liquidations cascading in an insular system, and a rapid compensation move. Taken together, the evidence aligns with a narrative of design-level risk exploited rather than location-level chaos.

If the worst scenario proves true—that Binance’s unified margin design was manipulable from inside its own infrastructure—the implications ripple far beyond a single crash. Centralized exchanges, hailed for their convenience and liquidity, might now be exposed as fragile ecosystems. Traders could demand stricter oversight, regulators more frequent audits, and entire collateral frameworks could be reassessed.

The Ajman Department of Finance unveiled a suite of smart payment services at GITEX Global 2025, signalling its bid to position the emirate at the forefront of digital government finance solutions. The offerings include integration of the UAE’s national payment card “Jaywan”, a buy-now-pay-later option via its AjmanPay portal, and a unified financial management platform dubbed “Estidama system”.

Marwan Ahmed Al Ali, Director General of the Department of Finance in Ajman, said the new services aim to provide “flexible payment options” tailored to “all segments of society” and boost the emirate’s digital transformation agenda. The launch was attended by senior government and private-sector officials during the event.

The Jaywan card—launched by the Central Bank of the UAE to reduce reliance on global card networks—has now been linked with AjmanPay, allowing users to make payments via ATMs, e-commerce platforms and point-of-sale terminals. The Department also launched a zero-interest instalment option to facilitate fee payments and transactions in instalments or deferred payments.

The Estidama system is presented as a next-generation cloud-based platform comprising four interconnected modules that manage budgeting, initiative planning, financial execution and reporting. It promises to unify financial operations across the Ajman government, enhancing transparency and control over public spending.

Officials emphasised that these steps align with broader national efforts to digitise financial infrastructure. By integrating Jaywan into Ajman’s government payments, the emirate is tapping into the UAE’s goal of financial sovereignty and reducing dependence on foreign card networks.

Partnership with First Abu Dhabi Bank underpins the linking of Jaywan with AjmanPay, showcasing public–private collaboration in driving fintech infrastructure. The Department described the move as a qualitative addition to its digital ecosystem, reflecting its commitment to “innovation in government payment systems”.

During GITEX, Ajman’s government platform is also showcasing AI, data analytics, and other advanced technologies in financial resource management. The participation underscores the emirate’s aim to benchmark itself in the regional competition over smart city and digital government credentials.

A new wave of supply-chain assaults has seen North Korean hackers publish more than 300 malicious npm packages, infecting developer systems with sophisticated malware that steals credentials and crypto assets. The campaign, known as “Contagious Interview,” exploits the trust developers place in open-source tools by cloaking malware inside packages mimicking legitimate ones.

The Socket Threat Research Team disclosed that attackers uploaded 338 malicious npm modules, collectively downloaded over 50,000 times, many featuring a newly observed loader named XORIndex. About 27 of them remain active in the npm registry. Within those packages, XORIndex collects host metadata and downloads a second-stage payload, BeaverTail, which in turn leverages a backdoor called InvisibleFerret to maintain persistence and exfiltrate data. This expansion follows a preceding June surge of 35 malicious modules using a HexEval loader.

Researchers emphasise that Contagious Interview is not a static campaign but a dynamic interplay between defenders and adversaries. As packages are taken down, attackers quickly reissue variants under fresh aliases or change loader techniques. The latest 67-package load pushed last month illustrates this cat-and-mouse escalation: the new modules alone exceeded 17,000 downloads. Attackers have mixed XORIndex and HexEval in parallel deployments, suggesting modular development and adaptability.

The campaign’s social engineering backbone remains key. Actors pose as recruiters or HR contacts on platforms like LinkedIn, targeting software engineers or job-seekers. They offer interview assignments that require cloning a GitHub or Bitbucket repository, with the malicious npm module embedded deep in the project. Because many developers run these projects outside sandboxed environments, the malicious loader quietly executes and bridges the gap to full system compromise.

Analysts attribute Contagious Interview to DPRK-aligned threat groups tracked under names such as CL-STA-0240, DeceptiveDevelopment, Tenacious Pungsan and Void Dokkaebi. The methodology aligns with patterns shown by the Lazarus Group and its affiliates, as attackers continue to weaponise open source ecosystems for espionage and financial theft. XorIndex and HexEval share infrastructure and tactics, including encrypted communication with command-and-control servers. In several cases, submitters of the malicious packages have crafted repository names containing “interview,” reflecting the campaign motif.

Beyond npm, the campaign’s reach extends: some modules reference Bitbucket repositories, and similar tactics have appeared in PyPI package attacks. The broader goal appears dual: accessing developer environments to steal intellectual property or credentials and siphoning cryptocurrencies from wallets detected on compromised machines.

Security firms and registry maintainers have responded with takedown requests and account suspensions. Socket reported removing six live HexEval-based modules earlier this year, and the npm security team has collaborated to suspend associated accounts. But defenders admit the reactive posture is fragile; attack waves resurface within hours.

Multiply Group, the Abu Dhabi investment holding firm, will acquire 2PointZero and Ghitha Holding via a share-swap deal, creating a combined enterprise with an estimated valuation of AED 120 billion. The transaction involves issuing around 23.36 billion new shares, lifting Multiply’s share capital from AED 2.8 billion to AED 8.64 billion and expanding the total shares to 34.56 billion. Approval from shareholders and regulators is pending.

The decision follows board sanction and aligns with a broader move by IHC to consolidate its leading portfolio companies—Multiply, 2PointZero, and Ghitha—into a unified listed entity under the name 2PointZero Group PJSC. The merger is pitched as an effort to streamline governance, deepen synergies across sectors, and accelerate growth. The transaction is slated for completion by mid-November 2025, contingent on formal clearances.

Under the proposed structure, Multiply will absorb full ownership of 2PointZero and a majority of Ghitha Holding. The merged entity will retain its listing on the Abu Dhabi Securities Exchange. With combined operations across energy, mining, financial services, agrifood, consumer goods, media, logistics, and related verticals, the new 2PointZero Group aims to harness diversification and integrated scale.

2PointZero brings to the table AI, energy transition, mining and financial services capabilities. Its role as a facilitator in cleantech and future resource assets is central to the logic of the merger. Ghitha Holding contributes a robust agriculture, food production, processing and distribution footprint—one of the UAE’s key players in national food security. Multiply already has stakes in sectors including mobility, media & communications, retail/apparel, packaging, and beauty.

Syed Basar Shueb, Chairman of Multiply, called the deal “a natural evolution of our portfolio strategy,” emphasising the aim to “optimise scale and strengthen the platforms we have built.” Samia Bouazza, Group CEO and Managing Director, framed the merger as aligning capital with megatrends, stating the unified entity would “grow bottom line both organically and inorganically, unlock value through AI, and deliver consistent long-term returns.” The new group will operate across more than 85 countries and target service to one billion people globally.

IHC’s own communications parallel Multiply’s narrative. The parent firm describes the merger as a means to craft a “next-generation investment powerhouse” anchored in a dual focus on energy and consumer sectors, intended to enhance operational efficiency and strategic scale. Sheikh Tahnoon bin Zayed Al Nahyan, IHC Chairman, cited the move as reaffirming IHC’s role as a catalyst of transformation, leveraging AI and value networks. Sheikh Zayed bin Hamdan bin Zayed Al Nahyan, Chairman of 2PointZero, said the consolidation would further the mission of driving energy transition, enabling AI, and empowering communities.