Fear and Greed Index: 25 (Fear)
Bitcoin Price: $92,494
BTC/ETH Spot ETF Fund Flow (12.4)
BTC Net Outflow: $13.14 M
ETH Net Outflow: $52.00 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (12.4)
BTC Net Subscription: 15.67 BTC
ETH Net Subscription: 0 ETH
[The election for the functional group of financial services sector members has entered a critical stage. Candidate Ms. Lian Shaodong is receiving attention from various parties in the industry due to her long-term experience in the fund industry, cross-border financial cooperation in industry associations, and innovation in digital assets. Ms. Lian currently serves as the Executive Director of the Hong Kong Chinese Enterprises Association and the Chairman of Bosera Funds (International) Co., Ltd. (managing over HKD 100 billion). She also served as a member of the Election Committee of the Hong Kong Special Administrative Region in 2021 and was awarded the Medal of Honor (MH) by the Hong Kong Special Administrative Region in 2024.
]( Web3 Innovation Landing
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]( Selected Events in Hong Kong December
We have specially compiled noteworthy events in the cryptocurrency field in Hong Kong for December, which will open a window to the future of Web3 for you.
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[Regulation/Macro]( Selected Events in Hong Kong December
We have specially compiled noteworthy events in the cryptocurrency field in Hong Kong for December, which will open a window to the future of Web3 for you.
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[]( ISMS-P Certification
The latest report from the Korea Internet Security Agency (KISA) shows that a large number of South Korean cryptocurrency exchanges have not obtained ISMS-P certification, which is considered the "minimum standard" for personal information protection. Overall security investment is deemed insufficient. Among the six "crypto-to-crypto" exchanges (non-KRW market) newly registered or renewed as virtual asset service providers (VASP) by the Financial Intelligence Unit (FIU) of the Korean Financial Services Commission this year, five only hold basic ISMS certification, which does not cover personal information protection requirements. Among the major platforms supporting KRW trading, GOPAX has also not obtained ISMS-P certification.
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Russian presidential economic advisor Maxim Oreshkin stated that cryptocurrencies should be included in the national balance sheet and described Bitcoin mining as an "undervalued export project." He pointed out that Russian companies have invested over $1.3 billion in mining infrastructure and have conducted import and export settlements through cryptocurrencies, having a real impact on the foreign exchange market.
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Russian presidential economic advisor Maxim Oreshkin stated that cryptocurrencies should be included in the national balance sheet and described Bitcoin mining as an "undervalued export project." He pointed out that Russian companies have invested over $1.3 billion in mining infrastructure and have conducted import and export settlements through cryptocurrencies, having a real impact on the foreign exchange market.
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Russian presidential economic advisor Maxim Oreshkin stated that cryptocurrencies should be included in the national balance sheet and described Bitcoin mining as an "undervalued export project." He pointed out that Russian companies have invested over $1.3 billion in mining infrastructure and have conducted import and export settlements through cryptocurrencies, having a real impact on the foreign exchange market.
<div class=)[U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins stated in a live interview with Fox News that the "Cryptocurrency Market Structure Act," known as the "Bitcoin Market Structure Act," is "about to pass." If the bill is ultimately approved by Congress, it will provide a clearer regulatory framework for the cryptocurrency industry and is seen as an important step in resolving the jurisdictional boundary disputes between the SEC and the Commodity Futures Trading Commission (CFTC) in the field of digital assets.
]( SEC Chairman: Bitcoin Market Structure Act is About to Pass<p class=)
[]( SEC Chairman: Bitcoin Market Structure Act is About to Pass
The U.S. Securities and Exchange Commission (SEC) has issued warning letters to nine ETF providers, including Direxion, ProShares, and GraniteShares, requiring them to adequately respond to risk issues related to the proposed high-leverage ETFs. The SEC expressed concerns in the letters about these ETFs, which are intended to provide more than 2x leverage exposure to indices or securities, and has suspended the review process for related products. Whether to continue the process will depend on how the issuers respond to regulatory concerns. Key areas of regulatory focus include investor protection, market volatility amplification effects, and liquidity and clearing risks in extreme situations.
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[]( SEC Issues Warning Letters to Nine ETF Providers Regarding High Leverage Risk
The U.S. Securities and Exchange Commission (SEC) has issued warning letters to nine ETF providers, including Direxion, ProShares, and GraniteShares, requiring them to adequately respond to risk issues related to the proposed high-leverage ETFs. The SEC expressed concerns in the letters about these ETFs, which are intended to provide more than 2x leverage exposure to indices or securities, and has suspended the review process for related products. Whether to continue the process will depend on how the issuers respond to regulatory concerns. Key areas of regulatory focus include investor protection, market volatility amplification effects, and liquidity and clearing risks in extreme situations.
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]( SEC Issues Warning Letters to Nine ETF Providers Regarding High Leverage Risk
The U.S. Securities and Exchange Commission (SEC) has issued warning letters to nine ETF providers, including Direxion, ProShares, and GraniteShares, requiring them to adequately respond to risk issues related to the proposed high-leverage ETFs. The SEC expressed concerns in the letters about these ETFs, which are intended to provide more than 2x leverage exposure to indices or securities, and has suspended the review process for related products. Whether to continue the process will depend on how the issuers respond to regulatory concerns. Key areas of regulatory focus include investor protection, market volatility amplification effects, and liquidity and clearing risks in extreme situations.
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[]( SEC Issues Warning Letters to Nine ETF Providers Regarding High Leverage Risk
The U.S. Securities and Exchange Commission (SEC) has issued warning letters to nine ETF providers, including Direxion, ProShares, and GraniteShares, requiring them to adequately respond to risk issues related to the proposed high-leverage ETFs. The SEC expressed concerns in the letters about these ETFs, which are intended to provide more than 2x leverage exposure to indices or securities, and has suspended the review process for related products. Whether to continue the process will depend on how the issuers respond to regulatory concerns. Key areas of regulatory focus include investor protection, market volatility amplification effects, and liquidity and clearing risks in extreme situations.
J.P. Morgan stated in its latest research report that the stock price of Bitcoin treasury company Strategy Inc. has largely reflected the risks of being excluded from major stock benchmark indices and views the upcoming MSCI index compilation decision as a potential upward catalyst, although being excluded would still trigger passive selling and outflows of passive funds.
Sun Lei, Global Director of Local and Innovative Payment Products at HSBC Global Payments Solutions, stated that HSBC has long invested resources to promote tokenized deposit business, and it is expected that even if only about 5%–10% of commercial bank deposits are tokenized in the future, the scale will far exceed any single cryptocurrency currently on the market.
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According to Whale Alert monitoring, Circle has minted another 250 million USDC on the Solana chain in the past 2 hours, totaling approximately $500 million.
]( Prysm Client Malfunction, Nodes Need to be Reconfigured
The Ethereum Foundation tweeted that the Prysm consensus client on the Ethereum mainnet is currently experiencing a malfunction, and node operators using Prysm need to reconfigure their consensus layer (CL) nodes. The Ethereum Foundation also emphasized that those using other consensus clients are not affected and do not need to take any action.
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[]( Prysm Client Malfunction, Nodes Need to be Reconfigured
The Ethereum Foundation tweeted that the Prysm consensus client on the Ethereum mainnet is currently experiencing a malfunction, and node operators using Prysm need to reconfigure their consensus layer (CL) nodes. The Ethereum Foundation also emphasized that those using other consensus clients are not affected and do not need to take any action.
Argentine state-owned energy giant YPF is evaluating the option of enabling cryptocurrency payments for gasoline and diesel at its nationwide network of gas stations. Currently, the plan is still in the internal analysis stage, and the company has not set a specific implementation timeline.
Aave DAO has passed a governance proposal to set the loan-to-value (LTV) ratio of USDS and DAI to 0% in each Aave V3 instance and to raise the risk reserve ratio (RF) of both to 25%. The proposal pointed out that the profitability of USDS has declined and that its issuance model carries asymmetric risks, making it no longer suitable as collateral. It also suggested enhancing the protocol's buffer against related risks by increasing the risk reserve ratio.
YZi Labs Management Ltd., a major shareholder of BNB Treasury Company CEA Industries, has issued a formal notice and correction request to the company's asset manager 10X Capital Asset Management LLC, accusing it of "mismanagement" and insufficient information disclosure in managing the BNB treasury, allegedly violating the strategic service agreement signed with YZi Labs.
The Ethereum Fusaka upgrade was officially activated on the mainnet at 5:49:11 on December 4, Hong Kong time. This upgrade focuses on expanding Ethereum's overall capacity and node security: by introducing PeerDAS data availability sampling and BPO mechanisms, it lays the groundwork for gradually increasing the block gas limit and expanding blob data space. Additionally, it incorporates multiple security and performance improvements, such as increasing the gas limit for single transactions, streamlining historical data, and capping node resources, enhancing Ethereum's ability to handle high-frequency Layer 2 transactions and large-scale applications without changing user holdings and contract logic.
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[Aave Community Recently Passed a Proposal to Remove USDS and DAI Collateral Eligibility and Raise Risk Reserve Ratio. The voting results overwhelmingly supported the removal of USDS (formerly DAI) from the platform's collateral list. This seemingly technical adjustment of risk parameters actually unveils the harsh competitive rules of the DeFi 2.0 era.
]( Interest Reconstruction: When Aave Decided to "Break Up" with Sky<p class=)
[]( Interest Reconstruction: When Aave Decided to "Break Up" with Sky<p class=)
[]( Interest Reconstruction: When Aave Decided to "Break Up" with Sky<p class=)
[]( Interest Reconstruction: When Aave Decided to "Break Up" with Sky<p class=)[The pivot of the Vanguard Group from "resolute resistance" to "limited openness" is a micro-history of financial evolution co-written by market forces, customer demands, and competitive realities. It is not a "surrender" of traditional finance, but a pragmatic strategic recalibration, finding a new balance between adhering to core investment philosophy and responding to changes of the times.
]( ETF Opening<p class=)
[Views]( ETF Opening<p class=)
[]( Labs Accuses 10X Capital of "Breach of Trust" and Mismanagement, Has the "Rights Protection" and "Power Seizure" Battle Officially Begun?
However, it is worth mentioning that the market sentiment repair cycle needs to be considered. At this stage, the cautious attitude of institutions due to the retreat of the DAT market may take several quarters to reverse. Meanwhile, the "deep-pocketed" YZi Labs can convey confidence in long-term holding to the market through continuous actual increase actions, gradually rebuilding market trust. However, this process is predicated on 10X Capital acknowledging its violations of agreements and fiduciary duties and improving the operation mechanism of BNC.
