Photo by BeInCrypto Nomura Holdings is preparing to launch crypto trading services for institutional clients in Japan, marking a significant step by the country’s largest brokerage into digital assets. The move reflects rising expectations for regulatory reforms, growing trading volumes, and increasing interest from domestic financial institutions, suggesting that crypto is moving closer to mainstream acceptance within Japan’s capital markets. Market Momentum and Institutional Participation According t ...

Core Insights - India is intensifying its crackdown on crypto exchanges, issuing notices to 25 platforms for anti-money laundering (AML) compliance violations [1][2] - The Finance Ministry confirmed that these exchanges must withdraw their apps and websites from public access in India [1] - The affected exchanges manage billions in user assets, with 14 of them generating over $22 billion in trading volume in the last 24 hours [1] Regulatory Environment - India's AML enforcement against offshore crypto platforms reflects a tightening policy stance, despite the absence of a comprehensive digital asset framework [2][3] - The Finance Ministry has mandated virtual asset service providers (VASPs) to register with the Financial Intelligence Unit-India (FIU-IND) under the Prevention of Money Laundering Act (PMLA) [2] - The Reserve Bank of India (RBI) has expressed concerns about the difficulty of effective regulation, leading to a preference for partial oversight [3] Taxation and Compliance - Heavy taxation, including a 30% tax on profits and a 1% tax deducted at source on transactions, has significantly reduced domestic trading volumes [3] - Over 50 crypto exchanges have registered with FIU-IND, indicating a trend towards rising compliance among global exchanges [4] Enforcement Actions - Major exchanges like Binance, Coinbase, KuCoin, and OKX have faced enforcement actions, with some, like OKX, exiting the Indian market [5] - Exchanges that comply with local regulations, such as paying fines and registering with FIU, have been allowed to resume operations [5] Market Impact - Officials estimate that Indians hold approximately $4.5 billion in digital assets, with strict regulations limiting risks to the broader financial system [6]

Core Insights - IG Group (IGG) has secured a crypto asset license from the U.K.'s Financial Conduct Authority (FCA), becoming the first London-listed firm on the regulator's crypto register [1] - The FCA approval allows IG to expand its crypto services, enabling customers to transfer digital assets directly, access new trading features, and benefit from a broader range of tokens with improved pricing [2] - The addition of crypto services positions IG as a comprehensive platform for retail traders, allowing diversification across various asset classes without the need for multiple accounts [3] Company Developments - The company initially launched crypto trading in June through a partnership with Uphold while awaiting FCA approval [1] - Existing crypto users will be migrated to IG's native platform in the coming weeks, enhancing user experience and service offerings [2] - Following the announcement, shares in IG Group rose by 1.23% to 10.74 pounds ($14) [4] Market Positioning - The FCA license enables IG to provide a wider range of crypto services, enhancing flexibility and control for customers [3] - IG's platform now includes a variety of markets such as stocks, indices, ETFs, forex, commodities, and derivatives, reinforcing its position as a one-stop shop for retail traders [3]

Investment bank KBW initiated coverage of Bullish (BLSH), CoinDesk's owner, with a market perform rating and a $55 price target, calling the stock a rare public play on a highly regulated, institution-first crypto exchange. The bank sees near-term U.S. expansion as a catalyst for growth, with Bullish’s differentiated tech stack, competitive fees and deep liquidity positioning it to gain market share. Bullish’s regulatory footprint, with licenses in Germany (MiCAR compliant), Hong Kong and Gibraltar, has ...

Key Takeaways Coinbase's revenue model relies on crypto asset prices driving trading volumes.Price drops in Bitcoin and Ethereum can hit COIN's earnings and cash flows.Crypto cycles also impact COIN's peers, Robinhood and Interactive Brokers', growth.Coinbase Global, Inc. (COIN) is a crypto leader whose growth is tied to crypto asset prices like those of Bitcoin and Ethereum.  Crypto price influences trading volumes, the core of Coinbase’s foundation. When asset prices rise, investor interest and retail ado ...

Summary of Futu Holdings Ltd Conference Call Company Overview - **Company**: Futu Holdings Ltd (FUTU.O) - **Industry**: Financial Services, specifically focusing on brokerage and crypto trading - **Current Price Target**: Raised from US$160.00 to US$210.00 [1][4] Key Points and Arguments Crypto Strategy and Growth - **Crypto Assets Growth**: Grew 40% quarter-over-quarter (QoQ) in Q2 2025, reaching HK$4 billion, representing 0.6% of client assets in eligible regions [2][8] - **Trading Volume**: Peak daily trading volume increased to USD 40 million in Q2 2025 from approximately USD 20 million in Q4 2024 [2][9] - **New Offerings**: Launched Solana for retail investors in Hong Kong and plans to secure licenses for crypto deposits/withdrawals in Singapore and the US in the second half of 2025 [2][10] - **Long-term Opportunities**: Management believes in the potential for tokenization of real-world assets and plans to leverage existing technology and licenses to serve both crypto-native and traditional financial customers [2][10] Overseas Expansion - **Asset Inflows**: Overseas expansion contributed nearly 30% of asset inflows in the first half of 2025, up from 20-25% in 2024 [3][12] - **Client Growth in Singapore**: Client assets and total client assets in Singapore grew 19% and 26% QoQ, respectively, in the first half of 2025 [3][12] - **Japanese Market**: Trading volume by Japanese clients rose 50% QoQ, indicating strong growth potential in this market [3][13] Financial Projections - **Target Price Increase**: The target price was raised to US$210 to reflect greater crypto earnings upside and improved market conditions [4][23] - **Revenue and Profit Estimates**: Expected an 8% increase in 2027 revenue and an 11% increase in profit due to the removal of a previously applied 50% discount on crypto revenue contribution [4][17] - **Earnings Forecast**: 2027 earnings estimates raised by approximately 12% due to anticipated growth in crypto penetration [19][24] Market Conditions and Valuation - **Market Conditions**: Improved market conditions in Hong Kong compared to 2022-2024 are expected to support Futu's growth [29][38] - **Valuation Multiple**: The company is now valued at a higher multiple of 25x P/E for 2026, reflecting confidence in future growth [4][23] Additional Important Insights - **Management's Strategic Plan**: The RACE strategy focuses on enhancing crypto services, including pricing adjustments and educational initiatives to drive adoption [10][11] - **Potential Revenue Channels**: Securing an exchange license in Hong Kong is seen as crucial for unlocking additional revenue opportunities [18][24] - **Risk Factors**: Potential risks include regulatory changes, slower-than-expected client conversion, and market volatility [56] This summary encapsulates the key insights from the conference call regarding Futu Holdings Ltd's strategic direction, financial performance, and market outlook, highlighting the company's focus on crypto and overseas expansion as primary growth drivers.