Hong Kong Web3 Daily Must-Read: PanDu Ethereum ETF to be listed on the Hong Kong Stock Exchange, Tianfeng Securities under investigation by the Securities and Futures Commission.
Fear and Greed Index: 20 (Extreme Fear)
Bitcoin Price: $87,550
BTC/ETH Spot ETF Fund Flow (Last Week)
BTC Net Inflow: $70.05 M
ETH Net Inflow: $312.62 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (Last Week)
BTC Net Subscription: 18.81 BTC
ETH Net Subscription: 0 ETH
[This disaster has also sounded another layer of alarm for the entire digital asset industry: what we discuss daily should not only be about technology and valuation, but also about the safety, community, and lives in the real world. Hong Kong is not an abstract market for the industry, but a place of life for thousands of users and practitioners. Whether it is exchanges, wallet services, foundations, project teams, or developers and holders working in front of their computers, everyone has the ability to contribute a little strength at critical moments.
]( 48-hour donations have reached HKD 85.78 million, suggesting the Hong Kong government establish an official virtual currency donation channel
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[]( 48-hour donations have reached HKD 85.78 million, suggesting the Hong Kong government establish an official virtual currency donation channel
<p class=)[Bitcoin mining pool ViaBTC announced a donation of approximately HKD 3 million to the Hong Kong Special Administrative Region government to support emergency relief and community reconstruction after the fire at Wang Fuk Court in Tai Po, helping affected residents return to normal life as soon as possible.
]( Donation of approximately HKD 3 million to support Hong Kong Tai Po fire relief and community reconstruction
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[]( Donation of approximately HKD 3 million to support Hong Kong Tai Po fire relief and community reconstruction
<p class=)[Tianfeng Securities announced that on November 28, it received a "Notice of Case Filing" from the China Securities Regulatory Commission: due to suspected violations of information disclosure and illegal financing, the China Securities Regulatory Commission decided to file a case against Tianfeng Securities. The announcement stated that Tianfeng Securities' various production and operation activities are proceeding normally and orderly, and during the case investigation period, the company will actively cooperate with the relevant investigations of the China Securities Regulatory Commission and strictly fulfill its information disclosure obligations in accordance with relevant laws, regulations, and regulatory requirements.
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[](<p class=)[Panduo Limited's Panduo Ether ETF (03085) plans to be listed on the Hong Kong Stock Exchange on December 3. This ETF is a spot exchange-traded fund for Ether, directly investing in Ether and benchmarked against the CME CF Ether USD Index (Asia-Pacific closing price), providing investors with direct investment exposure to the Ether market.
]( ETF will be listed on the Hong Kong Stock Exchange on December 3
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[]( ETF will be listed on the Hong Kong Stock Exchange on December 3
<p class=)[The Macro-Prudential Management Bureau of the People's Bank of China has recently issued a notice to fully cooperate with the search and rescue of personnel, treatment of the injured, and aftermath comfort work following the Tai Po fire in Hong Kong, ensuring that domestic donation funds arrive without delay. The People's Bank of China supports commercial banks in establishing a green channel for cross-border RMB donations. Commercial banks do not need to review documentation and can directly transfer donation funds to the Tai Po Wang Fuk Court Relief Fund account based on payment instructions from domestic institutions and individuals, and are required to report RCPMIS data as required.
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[](<p class=)[Crypto.com announced a donation of HKD 10 million to the Hong Kong Red Cross to support residents affected by the Tai Po fire and related rescue efforts.
]( Donation of HKD 10 million to support Hong Kong Tai Po fire rescue<p class=)
[]( Donation of HKD 10 million to support Hong Kong Tai Po fire rescue
<p class=)compliant blockchain charity wallet", ensuring that donations are fully public, transparent, and verifiable. This wallet is now open to the public, allowing individuals to transfer donations directly to it, and all donations will be used for related rescue efforts. Cobo stated that it will continue to monitor the flow of donations and the progress of post-disaster reconstruction, and is willing to provide free technical support to charitable foundations in need of blockchain donation channels.
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]( Selected Events in Hong Kong in 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 in 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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[]( $300 million
The National Bank of Kazakhstan (NBK) is studying the use of central bank foreign exchange and gold reserves to invest up to $300 million in crypto assets. NBK Chairman Timur Suleimenov stated that the final investment scale has not yet been determined, and the actual investment may only be in the range of $50 million to $250 million, emphasizing the need to "let the dust settle" before cautiously entering the market after the recent significant decline in the crypto market, and that the relevant funds will not use national fund assets.
BlackRock's Business Development Director Cristiano Castro stated at an event in São Paulo, Brazil, that BlackRock's Bitcoin spot ETF IBIT recorded a net outflow of approximately $2.34 billion in November, but this is considered "completely normal capital flow" and does not indicate a decline in long-term confidence in Bitcoin spot ETFs.
The People's Bank of China held a meeting of the coordination mechanism for combating virtual currency trading speculation. The meeting emphasized that virtual currencies do not have the same legal status as legal tender, do not have legal compensation, and should not and cannot be circulated as currency in the market. Activities related to virtual currencies are considered illegal financial activities. Stablecoins are a form of virtual currency that currently cannot effectively meet customer identification, anti-money laundering, and other requirements, posing risks of being used for money laundering, fundraising fraud, and illegal cross-border fund transfers. The meeting required that risk prevention and control be regarded as the eternal theme of financial work, continue to adhere to the prohibitive policy on virtual currencies, and continue to combat illegal financial activities related to virtual currencies.
The UK HM Revenue and Customs (HMRC) has issued new regulations requiring cryptocurrency exchanges operating in the UK to start collecting complete trading records of all UK customers from January 1, 2026, and share them with HMRC the following year. HMRC will use the collected data to verify tax returns, ensure compliance, and penalize violations. The new guidelines from HMRC align the UK with the OECD's Crypto-Asset Reporting Framework (CARF), which aims to enhance transparency in the rapidly growing digital asset market and has been promoted in countries and regions such as the EU, Canada, Australia, Japan, and South Korea.
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[]( Starting from 2026, collect and report trading records of UK customers
The UK HM Revenue and Customs (HMRC) has issued new regulations requiring cryptocurrency exchanges operating in the UK to start collecting complete trading records of all UK customers from January 1, 2026, and share them with HMRC the following year. HMRC will use the collected data to verify tax returns, ensure compliance, and penalize violations. The new guidelines from HMRC align the UK with the OECD's Crypto-Asset Reporting Framework (CARF), which aims to enhance transparency in the rapidly growing digital asset market and has been promoted in countries and regions such as the EU, Canada, Australia, Japan, and South Korea.
<h3 dir=)
[]( Starting from 2026, collect and report trading records of UK customers
The UK HM Revenue and Customs (HMRC) has issued new regulations requiring cryptocurrency exchanges operating in the UK to start collecting complete trading records of all UK customers from January 1, 2026, and share them with HMRC the following year. HMRC will use the collected data to verify tax returns, ensure compliance, and penalize violations. The new guidelines from HMRC align the UK with the OECD's Crypto-Asset Reporting Framework (CARF), which aims to enhance transparency in the rapidly growing digital asset market and has been promoted in countries and regions such as the EU, Canada, Australia, Japan, and South Korea.
<h3 dir=)
[]( Starting from 2026, collect and report trading records of UK customers
The UK HM Revenue and Customs (HMRC) has issued new regulations requiring cryptocurrency exchanges operating in the UK to start collecting complete trading records of all UK customers from January 1, 2026, and share them with HMRC the following year. HMRC will use the collected data to verify tax returns, ensure compliance, and penalize violations. The new guidelines from HMRC align the UK with the OECD's Crypto-Asset Reporting Framework (CARF), which aims to enhance transparency in the rapidly growing digital asset market and has been promoted in countries and regions such as the EU, Canada, Australia, Japan, and South Korea.
According to DefiLlama data, as of now, cryptocurrency companies have received nearly $25 billion in investments from venture capital firms in 2025, an increase of over 150% compared to last year. The most favored sectors are centralized exchanges ($4.4 billion), prediction markets ($3.2 billion), and DeFi platforms ($2.9 billion).
According to monitoring by Bubblemaps, IRYS launched two days ago and airdropped 8% of tokens to early users, but about 20% were claimed by a group of 900 newly created wallets, which were funded in batches by Bitget before the launch and have no on-chain activity records. These addresses have now transferred IRYS to new wallets and sent them to Bitget, cashing out approximately $4 million in total.
Due to the failure to reach an agreement with Uruguayan authorities on energy tariffs, Tether will close its mining operations in Uruguay and lay off 30 of its 38 employees. Tether originally planned to invest $500 million in Uruguay but decided to withdraw due to high energy prices and regulatory hurdles. Before deciding to gradually halt operations in Uruguay, Tether had already invested over $100 million in the country and committed to reinvesting $50 million for infrastructure development.
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CoinShares has submitted an application to the U.S. Securities and Exchange Commission to withdraw the registration statements for the XRP ETF, Solana Staking ETF, and Litecoin ETF. CoinShares CEO Jean-Marie Mognetti stated that as the U.S. market consolidates around major players in the single-asset cryptocurrency ETP space, opportunities for differentiated development and sustainable profit margins are limited, necessitating a "different strategy." Additionally, the company will gradually close its Bitcoin futures leveraged ETF (BTFX.O). The company plans to launch new products in the U.S. market over the next 12 to 18 months, including cryptocurrency equity investment tools.
]( Application to withdraw the registration statements for the XRP ETF, Solana Staking ETF, and Litecoin ETF<div class=)
[In-Depth & Outlook]( Application to withdraw the registration statements for the XRP ETF, Solana Staking ETF, and Litecoin ETF<div class=)
[](
Every time the market declines, the same scene always appears: a group of people jumps out saying, "See, I told you it was a scam"; then when the market turns, the same group lines up, chasing highs, eager to shout "bull market." This extreme emotional back-and-forth has numbed me after eight years in this industry.
Over the past year, the Gas limit of Ethereum blocks has rapidly increased from about 30 million to 60 million. This leap is driven by multiple factors, including control over the worst-case size of blocks at the protocol layer, significant optimizations in execution client performance, and systematic testing and validation for higher Gas limits.
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[]( A wave of ETF listings is coming; how did the first batch perform in the market?
The recent surge in the listing of altcoin ETFs is mainly due to the "perfect relay" of two key mechanisms between the end of October and mid-November, combined with the concentrated processing of backlogged approval documents after the government shutdown ended, collectively driving this wave of listings.
