Markets
Market makers are quietly withdrawing from thin altcoin order books
Three firms have cut the number of pairs they quote, citing inventory risk and listing fees that no longer cover the cost of capital.
By Keiko Tanaka · · 5 min read
Asia Markets Reporter
Keiko Tanaka
Tokyo, Japan · Writing for Loud & Proud Records since February 2026
Keiko Tanaka covers digital asset markets and policy across Japan, South Korea, Singapore and Hong Kong, with a focus on licensed venues and bank-issued tokens.
She reports in Japanese and English, and translates primary regulatory documents rather than relying on secondary summaries.
Keiko previously covered securities markets for a Tokyo financial daily.
Contact: keiko.tanaka@loudandproudrecords.com
- Beats
- Japan FSA, Asian exchanges, Bank tokens, Cross-border payments
- Languages
- Japanese, English
Stories by Keiko Tanaka
Regulation
Japan's FSA sets out how banks may issue deposit tokens
The guidance treats tokenised deposits as deposits — a narrow, deliberate answer that leaves non-bank issuers where they were.
By Keiko Tanaka · · 5 min read
Business
Custody consolidation continues with two acquisitions in a month
Buyers are acquiring licences and client books rather than technology, according to people involved in both deals.
By Keiko Tanaka · · 5 min read