Fear and Greed Index: 25 (Fear)
Bitcoin Price: $90,524
BTC/ETH Spot ETF Fund Flow (12.8)
BTC Net Outflow: $49.79 M
ETH Net Inflow: $11.83 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (12.8)
BTC Net Subscription: 11.43 BTC
ETH Net Subscription: 0 ETH
[The voting for the eighth Legislative Council election of the Hong Kong Special Administrative Region ended today. Wu Jiezhuang, an advisor to Web3Labs who has been a strong supporter of Hong Kong's Web3 development, was successfully re-elected with 1,311 votes.](<p class=)
[
]( Selected Events in Hong Kong for December
We have specially compiled noteworthy events in the crypto 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 for December
We have specially compiled noteworthy events in the crypto field in Hong Kong for December, which will open a window to the future of Web3 for you.
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[](
Mohammed Al Shamsi, head of the UAE National Security Bureau, stated: "Bitcoin has become a key pillar of future finance."
The Central Bank of Argentina (BCRA) is considering lifting its long-standing ban on traditional financial institutions providing cryptocurrency trading and custody services. Currently, BCRA regulations prohibit banks from offering or facilitating cryptocurrency trading, but President Javier Milei's government is evaluating regulatory reforms to allow banks to formally enter the market under a strict new framework.
Due to delays in the revision of South Korea's Capital Markets Act, the country's plan to allow spot cryptocurrency ETF trading within the year has basically fallen through. Currently, there are four pending amendments related to the approval of spot cryptocurrency ETFs, but analysts point out that due to the restructuring of the Financial Services Commission and the Financial Supervisory Service, as well as government stock market activation measures consuming a lot of policy resources, the institutionalization process of crypto assets may have been placed on the back burner.
The BRICS group has launched a working prototype of a trade currency called Unit, which is a digital trading tool supported by a reserve basket containing 40% physical gold and 60% BRICS currencies, with equal weight for the Brazilian real, Chinese yuan, Indian rupee, Russian ruble, and South African rand. The pilot project was initiated by IRIAS, which issued 100 Units on October 31, each initially pegged to 1 gram of gold.
The U.S. Securities and Exchange Commission (SEC) crypto special working group will hold a roundtable on December 15 to deeply discuss policy issues related to financial monitoring and privacy.
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[]( SEC to Hold Crypto Privacy Issues Roundtable on December 15
The U.S. Securities and Exchange Commission (SEC) crypto special working group will hold a roundtable on December 15 to deeply discuss policy issues related to financial monitoring and privacy.
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[
]( SEC to Hold Crypto Privacy Issues Roundtable on December 15
The U.S. Securities and Exchange Commission (SEC) crypto special working group will hold a roundtable on December 15 to deeply discuss policy issues related to financial monitoring and privacy.
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[]( SEC to Hold Crypto Privacy Issues Roundtable on December 15
The U.S. Securities and Exchange Commission (SEC) crypto special working group will hold a roundtable on December 15 to deeply discuss policy issues related to financial monitoring and privacy.
Corporate payment and financial platform Airwallex has completed $330 million in financing at an $8 billion valuation, led by Addition, with participation from Activant, Lingotto, and TIAA Ventures. Additionally, Airwallex announced that San Francisco will become its second global headquarters, with plans to expand its U.S. team to over 400 people in the coming year.
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Upbit reported to financial regulators more than 6 hours after the hacking incident. This delay may be due to its parent company Dunamu advancing a merger with tech giant Naver, aiming to avoid news impact. The Financial Supervisory Service (FSS) of South Korea reported that Upbit held an emergency meeting 18 minutes after first detecting the hack, suspended access to Solana network-related assets 27 minutes later, and halted all digital asset deposits and withdrawals starting at 8:55, but did not report to the FSS until 10:58. Despite the late reporting, regulators currently lack legal provisions for direct penalties or mandatory compensation.
]( Delayed Reporting to Regulators for Over 6 Hours After Hacking Incident<div class=)
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Binance has obtained full regulatory authorization from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA), becoming the first cryptocurrency exchange to obtain a global license under the ADGM framework.
Coinbase has reopened registration for Indian users and plans to launch fiat deposit channels in 2026, allowing users to directly deposit to purchase cryptocurrencies. Previously, Coinbase was forced to suspend operations after entering the Indian market in 2022 due to restrictions on UPI payment interfaces and fully exited in 2023. The company has registered with the Indian Financial Intelligence Unit (FIU) this year and has gradually reopened user access since October. Additionally, Coinbase plans to expand its 500-person team in India and continue investing in the local exchange CoinDCX.
Robinhood announced in a blog post on Sunday that it will acquire Indonesian brokerage firm Buana Capital Sekuritas and licensed digital asset trader Pedagang Aset Kripto. Robinhood did not disclose the financial terms of the transaction, which is expected to be completed in the first half of 2026. The company stated that Pieter Tanuri, the major shareholder of the two Indonesian companies, will continue to serve as a strategic advisor to Robinhood.
<div class=)[In-Depth & Outlook
]( Will Abandon ZKsync Lite in 2026
ZKsync plans to stop supporting ZKsync Lite (i.e., ZKsync 1.0) in 2026 — the first ZK-rollup launched by ZKsync on Ethereum. Currently, everything is normal, and no immediate action is required; ZKsync Lite will continue to operate as usual. Funds remain secure, and withdrawals to L1 will continue to be supported throughout the deprecation process. ZKsync will announce detailed deprecation plans within the next year and will soon provide specific details, timelines, and migration guidance.
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[]( Will Abandon ZKsync Lite in 2026
ZKsync plans to stop supporting ZKsync Lite (i.e., ZKsync 1.0) in 2026 — the first ZK-rollup launched by ZKsync on Ethereum. Currently, everything is normal, and no immediate action is required; ZKsync Lite will continue to operate as usual. Funds remain secure, and withdrawals to L1 will continue to be supported throughout the deprecation process. ZKsync will announce detailed deprecation plans within the next year and will soon provide specific details, timelines, and migration guidance.
<h3 dir=)
[]( Will Abandon ZKsync Lite in 2026
ZKsync plans to stop supporting ZKsync Lite (i.e., ZKsync 1.0) in 2026 — the first ZK-rollup launched by ZKsync on Ethereum. Currently, everything is normal, and no immediate action is required; ZKsync Lite will continue to operate as usual. Funds remain secure, and withdrawals to L1 will continue to be supported throughout the deprecation process. ZKsync will announce detailed deprecation plans within the next year and will soon provide specific details, timelines, and migration guidance.
<h3 dir=)
[]( Will Abandon ZKsync Lite in 2026
ZKsync plans to stop supporting ZKsync Lite (i.e., ZKsync 1.0) in 2026 — the first ZK-rollup launched by ZKsync on Ethereum. Currently, everything is normal, and no immediate action is required; ZKsync Lite will continue to operate as usual. Funds remain secure, and withdrawals to L1 will continue to be supported throughout the deprecation process. ZKsync will announce detailed deprecation plans within the next year and will soon provide specific details, timelines, and migration guidance.
<h3 dir=)[I specifically chose to use the term "investment liabilities" instead of "holding reserves" because Tether does not simply manage these funds in the same risk/same term manner, but actively allocates assets and profits through the interest rate spread between its asset yields and liabilities (which are almost zero cost). And all of this is done under some broadly defined asset utilization guidelines.
]( Tether Financial Analysis for the Year: Needs an Additional $4.5 Billion in Reserves to Maintain Stability<p class=)
[]( Tether Financial Analysis for the Year: Needs an Additional $4.5 Billion in Reserves to Maintain Stability
In 2015, Macri came to power and lifted foreign exchange controls, attempting to liberalize reforms, which ultimately failed, leading to the reimplementation of controls in 2019. Will Milei's reforms be a turning point to break this cycle? Or will it be yet another brief hope followed by deeper despair? No one knows the answer. But what is certain is that the underground world constructed by Jewish money houses, Chinese supermarkets, and countless "inflation-immune" individuals possesses strong inertia and vitality. It provides refuge when the official order collapses and chooses to hibernate and adapt when the official order is rebuilt.
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[In this week's report, we will delve into the various data driving its growth, while comparing its core metrics with the data from the market frenzy peak in the first quarter of this year, and explore whether Pump is merely a fleeting "cyclical product" or the beginning of the first true on-chain consumer-grade super application?]( Is Fun merely a fleeting "cyclical product" or the next on-chain consumer super application?<div class=)
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Bitcoin was the first to go live, and Ethereum and other altcoins are likely to follow suit on platforms that have yet to adopt them. As we mentioned in previous briefings, these fund flows tend to be more stable and less sensitive to short-term fluctuations, which in turn can reduce market volatility and attract more institutional capital.
