The cryptocurrency market in 2025 saw its peak in October, followed by a significant downturn in November, marking a period of instability.
Simultaneously, there was a fundamental overhaul of cryptocurrency regulations by the Financial Services Agency, including a proposed shift from the Payment Services Act to the Financial Instruments and Exchange Act, signaling a major turning point in regulatory frameworks.
This article reflects on the Web3.0 industry of 2025, offering insights into the future. This year, the editor-in-chief and deputy editor of Iolite have each selected five articles to feature.
Top 5 Editor's Picks
1st Place: The Era of Data as Currency — Exclusive Interview with Yusuke Narita
"If the world only used cryptocurrencies, then even cryptocurrencies would be banned." This paradoxical statement by Yusuke Narita is set within the context of discussing the future of Bitcoin and Web3.0, but it fundamentally challenges the very concept of "money" itself.
Is it still necessary to measure value numerically and accumulate it as an asset in a society advanced in data and AI? Is blockchain a technology for increasing assets, or is it a device to end the concept of assets? This article explores these provocative thought experiments to outline the next economic landscape.
2nd Place: How to Keep Escaping the Mold — Becoming an Unpredictable Force with Fumiko Takahashi
At 16, Fumiko Takahashi traveled alone to India and encountered the entrepreneurial lifestyle. This formative experience is directly connected to his current business, which started with a Daruma doll.
Even without capital or titles, if there's a need, business will emerge — the essence of business taught by an "8-year-old shoe keeper" on the streets of India, and the challenge of redefining Japanese traditional crafts in the global market. How does his unique perspective of 'viewing lightly' open up the market? This article traces the thought process from cross-cultural experiences to IP business.
3rd Place: Balancing Individual Sovereignty and Social Value — Japan's 'Third Way' in Data Society | Exclusive Interview with Hiroaki Miyata
"How can I contribute to a better future as a scientist?" Hiroaki Miyata's thinking starts from this consistent question. Spanning fields from medicine, AI, blockchain, art, to the festive space of the World Expo, all his practices converge towards a future of 'Better Co-Being'.
How should data and trust be designed, and what should humans continually question? This article quietly illuminates the role of humans in the AI era and outlines the next civilization.
4th Place: What's Next for Japan's Cryptocurrency Regulations? Summary by the Financial Services Advisory Council WG
"Japan's cryptocurrency regulations are too strict" — this common belief is quietly being rewritten. The Financial Services Agency's Advisory Council WG has not just proposed strengthening regulations, but a clear intention to redesign the cryptocurrency market as 'financial infrastructure'. From the Funds Settlement Law model to the level of the Financial Instruments and Exchange Law.
Japan aims to be the safest and most transparent market in the world by simultaneously updating its systems, operations, and technology, already standing at the gateway to the 'next decade'.
5th Place: JPYC, Japan's First Yen-Denominated Stablecoin 'JPYC' Launches Following Money Transfer Business Registration
The Japanese yen has officially started moving as a 'currency on the blockchain'. JPYC Corporation has launched the yen-denominated stablecoin 'JPYC', a first in Japan, not as a cryptocurrency but as an electronic payment method integrated into the system.
Its non-custodial structure, zero-fee design, and government bonds-backed issuance model are attempts to connect the trust in the yen directly to the digital economy. Will JPYC bring a 'digital yen infrastructure' reality to Japan?
While attending university, Noriaki Yagi worked in the food service industry, which led him to establish a consulting business for restaurants and a staffing business for the amusement sector, becoming its CEO. He also started managing social media to establish his own brand, reaching 10,000 followers within six months. In September 2021, he joined J-CAM Corporation, where he was involved in YouTube and Twitter operations before becoming editor-in-chief in April 2022. He launched "Iolite" magazine in March 2023.
Top 5 Articles Selected by the Deputy Editor
1st Place: What Will Japan's Web3.0 Policy Look Like?—Special Dialogue with LDP's Akihisa Shiozaki and Hideto Kawasaki
Japan's Web3.0 has graduated from its 'student phase' of experiments and enthusiasm to a 'professional phase' where it now shoulders systems and industries. Behind the scenes of national strategy, tax and regulatory reforms, and the opening up of policy processes, there are young lawmakers who have been hands-on with the technology, accumulating real-world experiences, including failures.
Web3.0 is not just a buzzword; it is becoming a fundamental technology that will soon be commonplace. Japan is now at the threshold of this transformation.
2nd Place: Significant Progress in Cryptocurrency Taxation with the New Tax Reform Outline, Specifying 20% Separate Taxation and a Three-Year Carryover Deduction
Cryptocurrencies have finally stepped into the arena of 'national wealth formation'. The introduction of a 20% separate taxation and a three-year carryover deduction in the 2026 tax reform outline is likely to align them with stocks.
However, this is predicated on a significant hurdle: amendments to the Financial Instruments and Exchange Act. This isn't just a tax cut; it's a systemic shift to reposition cryptocurrencies squarely as financial instruments. The Japanese market is now steering from speculation towards wealth formation.
3rd Place: The Joy of Engaging in the 'World's Largest Game' of Investment—Interview with Investor Tesuta
'Winning in stocks' is his job—over 20 years, individual investor Mr. Tesuta has accumulated over 10 billion yen. His investment philosophy is surprisingly simple: rigorous risk management, worst-case scenario planning, and a focus on winning over understanding.
His perspective on cryptocurrencies and experiences with unauthorized access incidents highlight a mindset that prioritizes risk before returns. Why has he continued to win in what he views as the 'world's largest serious game' with the most participants for 20 years?
4th Place: Bybit Suffers the Largest Hacking Incident in History, Losing Cryptocurrencies Worth Approximately 220 Billion Yen
About $1.4 billion—Bybit's hacking incident, one of the largest in cryptocurrency history, has escalated beyond a mere 'exchange accident'. The sophisticated method of using fake UIs to induce signatures, suspicions of North Korean hackers' involvement, and the CEO's immediate commitment to full compensation have all shaken the market.
The incident clearly challenges the extent to which centralized exchanges can continue to be 'trusted infrastructures'.
5th Place: Broadcasting Japan's Current Position in Web3.0—An In-depth Report on the 'WebX2025' by Iolite
The 'WebX2025', Asia's largest Web3.0 conference, has transcended the boundaries of industry events to become a microcosm reflecting the current state of Japan's industries, policies, and finance.
Centered around stablecoins, the conference intersected AI, tokenization, regulation, wealth formation, media, and entertainment, with government leaders, global investors, entrepreneurs, and individual investors all discussing the future in one venue.
What was shared over these two days is a clear sign that Web3.0 has moved beyond the phases of ideology and experimentation to 'social implementation and competition'.
Since 2018, Shogo Kurobe has been involved in the cryptocurrency industry. With a background in literature and novel writing during his student days, he has engaged in writing and editing articles and planning related to cryptocurrencies and blockchain. He has been the deputy editor at J-CAM Corporation since April 2022 and currently holds the position at 'Iolite', launched in March 2023.
Interview with Andrea Baglioni, Head of Capital, Solana Foundation, Iolite FACE Vol. 17
PHOTO & INTERVIEW: Hiroaki Miyata
Features: "How to Attend International Conferences" and "Predicting 2026: A Map of the Future of Crypto Assets at a Crossroads"
Crypto Journey: "From FASTNAIL to a DAT Company: Convano's Financial Strategy for Holding 21,000 BTC" Interview with Taiyo Azuma, Director of Convano Inc.
Series: "An Expert's Perspective on the Fluctuating Crypto Asset Market" by Kasou Nishi
Series: Tech and Future by Toshinao Sasaki, etc.
MAGAZINE
Iolite Vol.17
January 2026 issueReleased on 2025/11/29
Interview with Andrea Baglioni, Head of Capital, Solana Foundation, Iolite FACE Vol. 17
PHOTO & INTERVIEW: Hiroaki Miyata
Features: "How to Attend International Conferences" and "Predicting 2026: A Map of the Future of Crypto Assets at a Crossroads"
Crypto Journey: "From FASTNAIL to a DAT Company: Convano's Financial Strategy for Holding 21,000 BTC" Interview with Taiyo Azuma, Director of Convano Inc.
Series: "An Expert's Perspective on the Fluctuating Crypto Asset Market" by Kasou Nishi
Series: Tech and Future by Toshinao Sasaki, etc.
