KiteAndBlock

South Korea's AI semiconductor startups recorded hundreds of billions to over a trillion won in net losses in 2025, but this represents an accounting artifact rather than operational failure. The losses stem from the revaluation of convertible preferred shares (RCPS) under K-IFRS accounting

In the past, Wall Street looked at Bitcoin as if it were a “rogue-style” asset—criticizing it out loud, while keeping a close watch on it with their hands. Now, no more pretending—within a month, four major firms have almost simultaneously moved: Morgan Stanley rolled out a spot BTC ETF (MSBT, fee 0.14%), Goldman Sachs filed an application for a Bitcoin Premium Income ETF with the SEC, BlackRock has reapplied for a Bitcoin yield-related ETF (BITA), and Citigroup has stepped in more deeply in the capacity of an authorized participating institution (AP). Meanwhile, the total size of US Bitcoin spot ETFs has surged to $96.5 billion, and BlackRock’s IBIT alone has taken $55 billion, accounting for about 57% of the entire market; on the same day, Goldman Sachs–related actions also saw a net inflow of $411 million.
This batch of signals is actually very straightforward: Wall Street isn’t here to “buy coins by following the trend.” They’re here to standardize Bitcoin, productize it, and bring it into compliance. You can understand it as an “asset identity upgrade”—from what used to be a “non-mainstream asset,” it is being rewrapped as a standard financial product that can be bought, allocated, and used to enhance yield within institutional accounts. For institutions, the significance of ETFs is not about whether prices go up or down, but about a compliant channel + a risk-control framework + a continuous pool of funds: being able to enter the investment-advisory system, fit into a pension logic, and make strategy allocations is the most critical incremental value.#GatePreIPOs首发SpaceX #加密市场回升

(FSA) Previously regulated cryptocurrencies under the "Funds Clearing Law," using payment methods as the basis for supervision. As the investment uses of cryptocurrencies continue to expand, the proportion of users holding assets for profit has significantly increased, and the current regulatory framework has become insufficient to effectively protect investors' rights. Based on this background, the Financial Services Agency has decided to transfer the regulatory framework to the "Financial Instruments and Exchange Act," placing cryptocurrencies alongside stocks, bonds, and other traditional financial products in legal classification, and related industry players will face compliance standards similar to those of traditional financial institutions. This transition also brings Japan's cryptocurrency regulatory structure closer to the mainstream financial regulations of major G7 economies. Core provisions of the amendment: strengthened obligations and upgraded penalties.
Main changes in the amendment:
Insider trading ban: Explicitly prohibits trading cryptocurrencies using material non-public information, filling gaps in current law.
Annual disclosure obligations: Cryptocurrency issuers must regularly disclose financial and business information to regulators and investors.
Change of operator name: Registered operators are officially renamed from "cryptocurrency exchange operators" to "cryptocurrency trading operators."
Increased criminal penalties: The maximum prison term for unlicensed operators is increased from 3 years to 10 years, and the fine cap is raised from 3 million yen to 10 million yen.